Part 2Regulation of Social Housing

Chapter 1Introduction

Social housing

I1I273Leaving the social housing stock: sale

1

A dwelling ceases to be social housing if it is sold to the tenant.

2

Low cost rental accommodation is “sold to the tenant” when the tenant exercises a statutory or contractual right and as a result becomes the owner of—

a

the freehold interest in the property, or

b

the leasehold interest previously owned by the person providing the social housing.

3

Low cost home ownership accommodation of the shared ownership kind is “sold to the tenant” when the tenant exercises a statutory or contractual right and as a result becomes the owner of—

a

the freehold interest in the property, or

b

the leasehold interest previously owned by the person providing the social housing.

4

Low cost home ownership accommodation of the equity percentage kind is “sold to the tenant” when the “buyer” (see section 70(5)(a)) exercises a statutory or contractual right as a result of which the equity percentage arrangements (see section 70(5)) come to an end.

5

Low cost home ownership accommodation of the shared ownership trust kind comes to an end when the “purchaser” (see paragraph 7(4)(a) of Schedule 9 to the Finance Act 2003 (c. 14)) exercises a statutory or contractual right as a result of which the trust comes to an end.