Housing (Miscellaneous Provisions) Act 2014
|
Suspension of incremental release | ||
|
27. (1) Except where otherwise provided for by section 26 (3)(b) in respect of the period of 5 years from the vesting date, a housing authority may suspend an incremental release provided for under section 26 in respect of any year ending on the anniversary of the vesting date, where the purchaser fails to comply with any of the terms and conditions of the transfer order or the charging order. | ||
(2) Where a housing authority has suspended an incremental release under subsection (1) — | ||
(a) the housing authority shall, as soon as practicable thereafter, notify the purchaser in writing of the suspension and the reasons for the suspension, and | ||
(b) subject to section 28 , the housing authority shall, on the expiration of the charged period, give a statement to the purchaser in writing, in the prescribed form, indicating the amount representing the value of the outstanding charged share in the house on the date of expiration of the charged period, calculated by applying that share to the relevant market value of the house on the date of the expiration of the charged period. | ||
(3) The purchaser shall, within 2 months of receipt of the statement referred to in subsection (2), pay to the housing authority the amount set out in the statement. | ||
(4) Where the purchaser fails to pay the amount referred to in subsection (3) within the period referred to in that subsection, then, section 26 (11) applies in respect of the amount concerned. | ||
(5) For the purposes of this section, the relevant market value of a house shall be determined by the housing authority or, where the purchaser does not agree with the relevant market value so determined, by an independent valuer nominated by the purchaser from a panel of suitably qualified persons, established by the housing authority, who are of a class or description prescribed under section 30 . |