35 Repayment of discount on early disposal.E+W
(1)This section applies where, on a disposal of a house under section 32, a discount is given to the purchaser by the local authority in accordance with a consent given by the Secretary of State under subsection (2) of that section; but this section does not apply in any such case if the consent so provides.
(2)On the disposal the conveyance, grant or assignment shall contain a covenant binding on the purchaser and his successors in title to pay to the authority on demand, if within a period of [F1three years] there is a relevant disposal which is not an exempted disposal (but if there is more than one such disposal then only on the first of them), an amount equal to the discount, reduced by [F1one-third] for each complete year which has elapsed after the conveyance, grant or assignment and before the further disposal.
Textual Amendments
F1Words substituted by Housing and Planning Act 1986 (c. 63, SIF 61), s. 2(3)