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Ground Rents (Multiplier) Order (Northern Ireland) 2002
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- 2002 No. 228
- Explanatory Note
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Explanatory Note
(This note is not part of the Order.)
Paragraph 1 of Schedule 1 to the Ground Rents Act (Northern Ireland) 2001 (“the Act”) provides that the redemption money appropriate to the redemption of a ground rent under that Act is the sum produced by multiplying the yearly amount of the ground rent by the figure fixed by an order of the Department of Finance and Personnel.
Article 2 of this Order fixes 9 as the number of years purchase applicable to the redemption of all ground rents under the Act.
Article 3 makes provision in relation to the yearly amount of ground rents which are subject to a future increase within 9 years from the date of application to redeem the ground rent.
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