Paragraph 11

(1)

In this Part of this Schedule “the agreement” means the agreement entered into in pursuance of Parts I and II of this Schedule, and—

“the authority” means the authority acquiring an interest in a defective dwelling under the agreement;
“the conveyance” means the conveyance executed under the agreement;
“the interest acquired” means the interest in the dwelling concerned of which the vendor disposes under the agreement;
“the purchase price” means the price which the agreement requires the authority to pay for the interest acquired; and
“the vendor” means the person with whom the authority enter into the agreement.

(2)

In this Part of this Schedule—

(a)

references to a charge include a mortgage or lien, but not a rentcharge within the meaning of the M1Rentcharges Act 1977, and

(b)

references to a relevant charge are to a charge to which the interest acquired is subject immediately before the conveyance and which secures the performance of an obligation but is not either a local land charge or a charge which is, or would be, overreached by the conveyance apart from this Schedule.

Annotations

Marginal citations

M1: 1977 c. 30.