Moved by
Lord Freud
110C: Schedule 2, page 34, line 9, leave out sub-paragraph (2) and insert—
“(2) Part 1 does not apply in relation to social housing of a registered provider if, where the registered provider’s interest in the property that consists of or includes the social housing is subject to a mortgage—
(a) the mortgagee is in possession of the interest in the property or the part of the property that includes the social housing, in the exercise of the mortgagee’s powers to enforce the mortgage,
(b) a receiver has been appointed in relation to the interest in the property or the part of the property that includes the social housing by—
(i) the mortgagee, in the exercise of the mortgagee’s powers to enforce the mortgage, or
(ii) the court, in connection with enforcing the mortgage,
and that appointment is in force, or
(c) a person has been appointed by the mortgagee, in the exercise of the mortgagee’s powers to enforce the mortgage (including, in the case of a floating charge which relates to the interest in the property, the power under paragraph 14 of Schedule B1 to the Insolvency Act 1986), to exercise powers that include a power to sell or otherwise dispose of the interest in the property or the part of the property that includes the social housing and that appointment is in force.”
110D: Schedule 2, page 34, line 21, leave out sub-paragraph (3) and insert—
“(3) If—
(a) a registered provider’s interest in property that consists of or includes social housing was made subject to a mortgage, and
(b) the interest in the property, or the interest in the part that includes the social housing, is sold or otherwise disposed of after the coming into force of Part 1 by—
(i) the mortgagee, in the exercise of the mortgagee’s powers to enforce the mortgage,
(ii) a receiver appointed by the mortgagee or by the court as described in sub-paragraph (2)(b), or
(iii) a person appointed by the mortgagee as described in sub-paragraph (2)(c),
Part 1 ceases to apply in relation to that social housing at the time of that sale or other disposal.”
110E: Schedule 2, page 34, line 36, at end insert—
“( ) In sub-paragraphs (2) and (3)—
“mortgage” includes a charge or other security;
“mortgagee” includes a person who is entitled to take steps to enforce a charge or other security.”