Housing (Freeholding of Land) Act 1957
sec.10GTerms and conditions of freeholding lease
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sec.10G Terms and conditions of freeholding lease
A lease deemed pursuant to this part to be a freeholding lease shall be subject to the following provisions, terms and conditions— the purchasing price of the land comprised in the lease shall be the amount of the value, as determined pursuant to section 10C ; the term of the lease shall commence on the quarter day next following the date when the chief executive receives from the lessee, pursuant to section 10E , notice of the lessee’s election to proceed with the application; the lessee shall pay, as prescribed by section 10H the purchasing price of the land; the lessee shall pay, as prescribed by section 10H interest on the outstanding balance of the purchasing price; moneys paid as rent under the perpetual lease in respect of any time before the commencement of the term of the freeholding lease shall not be credited to the purchasing price; subject to paragraphs (a) to (e) , all such terms and conditions as, pursuant to the Housing Act 2003 or the repealed State Housing Act 1945 , applied with respect to the lease in question as a perpetual lease. s 10G ins 1980 No. 49 s 13 amd 2003 No. 52 s 153 sch 2 (amd 2005 No. 33 s 11 (retro)); 2005 No. 46 s 9 sch ; 2010 No. 39 s 325 sch 1 pt 2
- (a) the purchasing price of the land comprised in the lease shall be the amount of the value, as determined pursuant to section 10C ;
- (b) the term of the lease shall commence on the quarter day next following the date when the chief executive receives from the lessee, pursuant to section 10E , notice of the lessee’s election to proceed with the application;
- (c) the lessee shall pay, as prescribed by section 10H the purchasing price of the land;
- (d) the lessee shall pay, as prescribed by section 10H interest on the outstanding balance of the purchasing price;
- (e) moneys paid as rent under the perpetual lease in respect of any time before the commencement of the term of the freeholding lease shall not be credited to the purchasing price;
- (f) subject to paragraphs (a) to (e) , all such terms and conditions as, pursuant to the Housing Act 2003 or the repealed State Housing Act 1945 , applied with respect to the lease in question as a perpetual lease.