Condition requiring repayment of grant in case of certain disposals where certificate of intended letting given
58.—(1) This Article applies where an application for a renovation grant (other than a tenant’s application) has been approved by the Executive and where the application for the grant was accompanied by a certificate of intended letting.
(2) It is a condition of the grant that—
(a)where an owner makes a relevant disposal (other than an exempt disposal) of the dwelling with vacant possession within the initial period, he shall pay to the Executive on demand the amount of the grant; and
(b)where an owner makes such a disposal otherwise than with vacant possession within the initial period, he shall pay to the Executive on demand the amount of the grant, reduced by one-fifth for each complete year which has elapsed after the certified date and before the disposal.
(3) A condition under paragraph (2)—
(a)shall be included among the matters required to be registered in the Statutory Charges Register; and
(b)shall, subject to paragraph (5) and Article 63, remain in force with respect to the dwelling for a period of 5 years from the certified date.
(4) So long as a condition under paragraph (2) remains in force with respect to a dwelling it is binding on any person who is for the time being an owner of the dwelling.
(5) On satisfaction of the liability arising from a demand under this Article, any condition under paragraph (2) shall cease to be in force with respect to the dwelling in question.
(6) The expressions “relevant disposal” and “exempt disposal” have the meanings assigned by Article 62.