Housing (Miscellaneous Provisions) Act, 1992

Shared ownership leases.

2.—(1) Notwithstanding the provisions of the Landlord and Tenant (Ground Rents) Act, 1978 , a person (including a housing authority) may grant a shared ownership lease of a house (in this Act referred to as a “shared ownership lease”), being a lease—

(a) granted for a term of more than 20 years but less than 100 years,

(b) granted on payment to the lessor of a sum of money being not less than 25 per cent, and not more than 75 per cent, of the market value of the house, and

(c) which provides for the right of the lessee to purchase, in one or more transactions, the interest of the lessor in the demised house at a consideration determined in accordance with the provisions of the lease.

(2) No rule of law relating to perpetuities shall apply to or render void or ineffective or in any way whatsoever invalidate any option of whatsoever nature contained in any shared ownership lease granted by virtue of this section and whereby the lessee shall be entitled or may be required to acquire the interest of the lessor in the demised house notwithstanding that such option may be capable of being exercised, or may be expressed to be exercisable only, after the expiration of the period otherwise permitted by such rule.

(3) Part II of the Landlord and Tenant (Ground Rents) (No. 2) Act, 1978 , shall not apply to a person in relation to a house held by him under a shared ownership lease.