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Article 2 Interpretation

Original text. Later amendments are not shown.

In this Order—

  • “the Act” means the Building Societies Act 1986;

  • “the borrower”, in this article and in articles 3 and 4, includes a dependant of the borrower;

  • “a dependant” has the meaning given in article 8;

  • “gross external area” has the meaning given in the Schedule;

  • “grounds” means land which either has not been built on or contains outbuildings but no other buildings;

  • “outbuilding” means a building or a structure which either—

    1. (a)

      is required to be excluded from the gross external area calculation in accordance with paragraph 4 of the Schedule; or

    2. (b)

      is a shed, greenhouse, summerhouse or other similar building or structure;

  • “relevant grounds” means grounds which are not for the residential use of the borrower;

  • “residential area” means the internal floor area of those rooms in a building which are for the residential use of the borrower;

  • “society” means a building society;

  • “total area” has the meaning given in the Schedule; and

  • “valuer” means a person who is competent to value the land on which an advance is to be secured and who would not be disqualified under section 13 of the Act (which makes provision as to the valuation of security) from making a report on that land under that section.