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The Mortgage Indemnities (Recognised Bodies) Order 1994

Type Statutory-Instrument

Publication 1994-07-01

State In force

Department Queen's Printer of Acts of Parliament

Source legislation.gov.uk

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Made: 1st July 1994

Coming into force: 22nd July 1994

The Secretary of State, in exercise of the powers conferred on him by section 444(1) of the Housing Act 1985¹ and of all other powers enabling him in that behalf, with the consent of the Treasury and in accordance with representations made by Barshelfco (No. 15) Limited², hereby makes the following Order—

Citation and commencement

1

This Order may be cited as the Mortgage Indemnities (Recognised Bodies) Order 1994 and shall come into force on 22nd July 1994.

Specified bodies

2

The following bodies are hereby specified as recognised bodies for the purposes of sections 442³ and 443 of the Housing Act 1985 (agreements to indemnify mortgages and contributions to mortgage costs)—

(a) Alliance & Leicester Mortgage Loans (No. 2) Limited;

(b) Alliance & Leicester Mortgage Loans (No. 3) Limited;

(d) Britannia Mortgage Company Number One Limited;

(e) Britannia Mortgage Company Number Two Limited;

(f) Collateralised Mortgage Securities (No. 16) PLC;

(g) Saffron Walden Mortgage Services Limited;

(h) Stroud and Swindon Mortgage Company (No. 2) Limited.

Variation of previous Order

3

The words “(a) Barshelfco No. 15 Limited” shall be omitted from article 2 of the Mortgage Indemnities (Recognised Bodies) Order 1991⁴.

Signed

Signed by authority of the Secretary of State.

G. S. K. Young — Minister of State, — Department of the Environment — 28th June 1994

We consent,

Tim Wood — Tim Kirkhope — Two of the Lords Commissioners of Her Majesty’s Treasury — 1st July 1994

Explanatory note

(This note is not part of the Order)

This Order specifies eight additional bodies as recognised bodies for the purposes of sections 442 and 443 of the Housing Act 1985 (other bodies have been specified by previous Orders) and omits Barshelfco (No. 15) Limited, at its request, from a list of bodies specified as recognised bodies by a previous Order.

Section 442 provides for a local authority, with the approval of the Secretary of State, to enter into agreements with a recognised body to indemnify such a body against any loss or expense arising from an advance made by it on the security of a house or flat bought from a local authority, a new town corporatioin, an urban development corporation, the Housing Corporation, Housing for Wales, Scottish Homes or a registered housing association.

Section 443 provides for a local authority to contribute towards costs incurred in connection with a legal charge to secure such an advance.

Footnotes

1985 c. 68; section 444 was amended by the Housing and Planning Act 1986 (c. 63), Schedule 5, paragraph 34.

See section 444(3) of the Housing Act 1985 and article 3 of this Order.

Section 442(5) was amended by the Building Societies Act 1986 (c. 53), Schedule 18, paragraph 18(2).

S.I. 1991/2053.

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