Paragraph 7 I1

Paragraphs 8 to 12 apply where arrangements are entered into between a person and a financial institution under which—

(a)

the institution and the person purchase a major interest in land as common owners (“the first transaction”),

(b)

the institution and the person enter into an agreement under which the person has a right to occupy the land exclusively (“the second transaction”), and

(c)

the institution and the person enter into an agreement under which the person has a right to require the institution to transfer to the person (in one transaction or a series of transactions) the whole interest purchased under the first transaction.

Annotations

Commencement

I1: Sch. 7 para. 7 in force at 1.4.2015 by S.S.I. 2015/108 , art. 2