Section 512 Diminishing shared ownership arrangements

In the case of diminishing shared ownership arrangements, payments by F1the customer under the arrangements are alternative finance return for the purposes of this Part, except so far as subsection (2) or (3) applies to them.

This subsection applies to the payments so far as they amount to payments of the kind described in F2or 504A(1)(d) or (2)(c) (payments to be made by the customer to F3the financier, amounting to the consideration paid for the acquisition of the F4the financier’s beneficial interest).

This subsection applies to the payments so far as they amount to payments in respect of any arrangement fee or legal or other expenses which the customer is required under the arrangements to pay.

In this section “the customer” has the same meaning as in section 504 F5or 504A.