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The Building Societies (Prescribed Equitable Interests) Order 1997
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- 1997 No. 2693
- Explanatory Note
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Explanatory Note
(This note is not part of the Order)
This Order prescribes three types of equitable interest in land for the purposes of section 6A(2) of the Building Societies Act 1986. A loan secured by a mortgage of any of these types of equitable interest to a building society or its subsidiary undertaking is secured on land for the purposes of the Act.
The first type of equitable interest in land is a leaseholder’s right — for example in certain types of shared ownership scheme — to buy the freehold or a greater leasehold interest. The second type is an easement, profit or similar right which belongs with land. The third type is an interest arising under a contract for the development, primarily for residential purposes, of land which includes a right for the developer to call for the legal estate to be transferred to him or to a third party.
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