25Acceptable savings of sole applicant to include certain moneys expended in purchase of certain residential land

25 Acceptable savings of sole applicant to include certain moneys expended in purchase of certain residential land

(1) For the purpose of determining the acceptable savings of a sole applicant on a particular date (in this section referred to as the relevant date), where moneys, other than borrowed moneys, were expended by the applicant before the relevant date in payment of the whole or a part of the purchase price in respect of the purchase by the applicant of land that could, on the date on which the moneys were expended, lawfully be used for residential purposes and is not land on which there has been, is being or is to be, constructed a dwelling‑house in respect of which an application for a grant has been made by the applicant and: (a) the applicant has, before the expiration of 6 months after the prescribed date, become entitled to receive a refund of the whole or a part of the moneys expended but had not, before the relevant date, received the whole of that refund; or (b) the applicant has, before the expiration of 6 months after the prescribed date, entered into a contract for the sale of the land, but had not, before the relevant date, received the whole of the moneys that were payable to the applicant in respect of the sale; the Secretary may, having regard to the area and the number of separate parcels of the land and the amount (if any) received by the applicant before the relevant date as a refund of the moneys expended or in respect of the sale of the land, treat the acceptable savings of the applicant on the relevant date as having included the whole, or such part as the Secretary considers reasonable, of the moneys expended. (2) In subsection (1): (a) the reference to moneys expended by the applicant before the relevant date shall be read as including a reference to one‑half of any moneys expended by the applicant jointly with another person being: (i) a person to whom the applicant was legally married on the prescribed date and to whom a direction under subsection 6(2) applies; (ii) a person (not being a deceased spouse of the applicant) who was the spouse of the applicant on the relevant date; or (iii) a person who, on the relevant date, was engaged to be married to the applicant; (b) the reference to the purchase of land by the applicant shall be read as including a reference to the purchase of land by the applicant and that other person jointly; (c) the reference to the entering into by the applicant of a contract for the sale of land shall be read as including a reference to the entering into of such a contract by the applicant and that other person jointly; and (d) the reference to moneys received by the applicant as a refund shall be read as including a reference to one‑half of any moneys received as a refund by the applicant and the other person jointly. (3) In this section, borrowed moneys means: (a) in relation to moneys expended by the sole applicant—moneys borrowed by the sole applicant; and (b) in relation to moneys expended by the sole applicant jointly with another person as mentioned in subsection (2)—moneys borrowed by the sole applicant, by that other person or by both of them. (4) A reference in this section to the purchase or sale by a person of land shall be read as a reference to the purchase or a sale, as the case may be, of an estate or interest in the land by the person (otherwise than as a trustee) or by another person as trustee for the first‑mentioned person.