SCHEDULE 7Alternative property finance relief
PART 2Alternative property finance: arrangements relieved
Land sold to financial institution and person in common
11
The agreement mentioned in paragraph 7(c) is not to be treated—
(a)
as substantially performed unless and until the whole interest purchased by the institution under the first transaction has been transferred (and accordingly section 14 does not apply), or
(b)
as a distinct land transaction by virtue of section 12 (options and rights of pre-emption).