Article 2 Transfer of housing association mortgages

(1)

This article applies to any mortgage granted by a housing association to secure a loan by the Greater London Council in connection with a housing project approved by the Secretary of State for the purposes of section 29(1) of the Housing Act 1974^f1 other than one in respect of which no housing association grant under section 49(2) or (3) of the Housing Associations Act 1985^f2 remains payable.

(2)

Subject to article 4, all rights and liabilities of the London Residuary Body in respect of any mortgage to which this article applies, and all records relating exclusively to such rights and liabilities, shall on the transfer date vest in the relevant council on the terms mentioned in paragraph (3).

(3)

In relation to any mortgage to which this article applies, the relevant council shall pay to the London Residuary Body a sum equal to the aggregate of all amounts outstanding by way of principal and interest in respect of advances made to the association by that Body or the Greater London Council.

Annotations

Footnotes

f1: 1974 c. 44. Section 29(1) was repealed by the Housing (Consequential Provisions) Act 1985 (c. 71), Schedule 1, and re-enacted in section 41(1) of the Housing Associations Act 1985 with effect from 1st April 1986.
f2: 1985 c. 69. Section 49(2) and (3) re-enacts in part section 30(1) of the Housing Act 1974 as amended by paragraph 4 of Schedule 18 to the Housing Act 1980 (c. 51).