Paragraph 15 Meaning of “shared ownership lease”I1

after paragraph (b) insert—

“(bza)

“landlord’s share”, in relation to a shared ownership lease, means the share in the premises demised by the lease which is not comprised in the tenant’s share;”;

after paragraph (d) insert—

“(da)

“shared ownership lease” means a lease of premises—

(i)

granted on payment of a premium calculated by reference to a percentage of the value of the premises or of the cost of providing them, or

(ii)

under which the tenant (or the tenant’s personal representatives) will or may be entitled to a sum calculated by reference, directly or indirectly, to the value of the premises;

(db)

“tenant’s share”, in relation to a shared ownership lease, means the tenant’s initial share in the premises demised by the lease, plus any additional share or shares in those demised premises which the tenant has acquired;”.