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The Mortgage Indemnities (Recognised Bodies) Order 1989

S.I. 1989/957 · Made 6 June 1989

Original text. legislation.gov.uk does not revise statutory instruments, so later amendments are not shown here. Changes made to it are listed under each provision when known.

HOUSING, ENGLAND AND WALES

Made 6th June 1989

Coming into force 28th June 1989

The Secretary of State, in exercise of the powers conferred on him by section 444(1) of the Housing Act 1985f1, and of all other powers enabling him in that behalf, and with the consent of the Treasury, hereby makes the following Order:

Annotations to the whole text

Footnotes

f1

1985 c. 68.

Contents

  1. 1Article 1
  2. 2Article 2
  3. Signature
  4. Explanatory note

1

This Order may be cited as the Mortgage Indemnities (Recognised Bodies) Order 1989 and shall come into force on 28th June 1989.

2

The following bodies are hereby specified as recognised bodies for the purposes of sections 442 and 443 of the Housing Act 1985:–

(a)

HMC Group PLC

(b)

HMC First Home National PLC

(c)

Household Mortgage Bridging Limited

(d)

Household Mortgage Corporation PLC

(e)

Mortgage Express Limited.

Signature

Nicholas Ridley

One of Her Majesty’s Principal Secretaries of State.

30th May 1989

We consent,

Stephen Dorrell

David Lightbown

Two of the Lords Commissioners of Her Majesty’s Treasury

6th June 1989

Explanatory note

(This note is not part of the Order)

This Order specifies five additional bodies as recognised bodies for the purposes of sections 442 and 443 of the Housing Act 1985. (Other bodies have been specified by previous Orders.)

Section 442 provides for a local authority, with the approval of the Secretary of State, to enter into agreements with a recognised body to indemnify such a body against any loss or expense arising from an advance made by it on the security of a house or flat bought from one of the public sector landlords listed in section 444(4) of the Act. Section 443 provides for a local authority to contribute towards costs incurred in connection with a legal charge to secure such an advance.