Explanatory note

This Order specifies Morgan Stanley Bank International Limited (“Morgan Stanley”) as an approved lending institution for the purposes of section 156 of the Housing Act 1985 (which specifies that liability to repay the covenant required by section 155 under the right to buy is a charge on the premises, and deals with priority of charges on disposals). Other bodies have been specified by previous orders. In being specified for the purposes of that section Morgan Stanley also becomes an approved lending institution for the purposes of section 36 of the Housing Act 1985 (priority of charges on voluntary disposals by local authorities) and section 12 of the Housing Act 1996 (priority of charges on voluntary disposals by registered social landlords).

Section 156 of the Housing Act 1985 is applied by section 171A of that Act (inserted by section 8 of the Housing and Planning Act 1986) to cases in which a tenant’s right to buy is preserved, and by section 17 of the Housing Act 1996 to cases in which a tenant has the right to acquire under section 16 of that Act. Morgan Stanley is therefore also an approved lending institution for the purposes of those rights.