Regulation 3 Definition of a contractual control right

(1)

In these Regulations, “contractual control right” means a relevant contractual right^f1, of a type specified in paragraph (2), which is set out in writing and which is not an exempt contractual right as described in the Schedule to these Regulations, and except for the purposes of regulations 4 and 5 includes a right of the type referred to in regulation 5(1)(b).

(2)

The types of relevant contractual right referred to in paragraph (1) are—

(a)

an option to bind the proprietor of a qualifying estate to enter into a relevant disposition of that estate;

(b)

a right to enforce an obligation on the proprietor of a qualifying estate to enter into a relevant disposition of that estate where the obligation is contingent upon satisfaction of specified contractual conditions;

(c)

a right of pre-emption in respect of a relevant disposition of a qualifying estate;

(d)

a right granted by the proprietor of a qualifying estate to direct or request that that proprietor enter into a relevant disposition of that estate to—

(i)

a person who is not a party to the contract, or

(ii)

either a person who is not a party to the contract or the grantee.

Annotations

Footnotes

f1: Section 221(3) of the Levelling Up and Regeneration Act 2023 defines “relevant contractual rights”.