SCHEDULE 15RELIEF FOR CERTAIN TRANSACTIONS RELATING TO SOCIAL HOUSING
PART 5RENT TO MORTGAGE
Rent to mortgage: chargeable consideration
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(1)
The chargeable consideration for a rent to mortgage transaction is determined in accordance with this paragraph.
(2)
A rent to mortgage transaction means—
(a)
the transfer of a dwelling to a person, or
(b)
grant of a lease of a dwelling to a person,
pursuant to the exercise by that person of the right to acquire on rent to mortgage terms under Part 5 of the Housing Act 1985 (c. 68).
(3)
The chargeable consideration for a rent to mortgage transaction is equal to the price that would be payable by virtue of section 126 of the Housing Act 1985 (c. 68), for—
(a)
a transfer of the dwelling to the person where the rent to mortgage transaction is a transfer, or
(b)
the grant of a lease of the dwelling to the person where the rent to mortgage transaction is the grant of a lease,
if the buyer was exercising the right to buy under Part 5 of that Act.