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Leasehold Reform, Housing and Urban Development Act 1993

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This is the original version (as it was originally enacted).

5(1)Where the interest of a Chapter I landlord is held on trust for sale, any sum payable to the landlord by way of the price payable for the interest on its acquisition in pursuance of Chapter I shall be dealt with as if it were proceeds of sale arising under the trust.

(2)Where the interest of a Chapter II landlord is held on trust for sale—

(a)any sum payable to the landlord by way of a premium on the grant of a new lease under Chapter II or section 93(4) shall be dealt with as if it were proceeds of sale arising under the trust; and

(b)the purposes authorised—

(i)by section 73 of the [1925 c. 18.] Settled Land Act 1925, as applied by section 28 of the [1925 c. 20.] Law of Property Act 1925, for the application of capital money, and

(ii)by section 71 of the [1925 c. 18.] Settled Land Act 1925, as applied as aforesaid, as purposes for which money may be raised by mortgage,

shall include the payment of compensation by the landlord on the termination of a new lease granted under Chapter II or section 93(4) (whether the payment is made in pursuance of an order under section 61 or in pursuance of an agreement made in conformity with paragraph 5 of Schedule 14 without an application having been made under that section).

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