43.— (1) In this Part—

“charging order” has the meaning given to it by section 46;

“charged period” has the meaning given to it by section 46;

“charged share” has the meaning given to it by section 46;

“eligible household” means—

F48[(a) a household assessed by a housing authority under section 20 as being qualified for social housing support, which has been allocated a dwelling to which this Part applies in accordance with an allocation scheme, and which applies to purchase the dwelling under this Part within 5 years from the date of such allocation, or ]

(b) subject to subsection (2), a household referred to in section 22 (5) (c) which has been allocated a dwelling to which this Part applies in accordance with an allocation scheme;

“incremental purchase arrangement” has the meaning given to it by section 45;

“incremental release” has the meaning given to it by section 46;

“market value”, in relation to a dwelling to which this Part applies, means the price for which the unencumbered fee simple of the dwelling might reasonably be expected to be sold on the open market and, in a case where the site for the dwelling was provided to the housing authority by the eligible household for a nominal sum, excludes an amount equal to the excess (if any) of the market value of the site over such sum;

“net market value” means the market value reduced by an allowance equal to the amount of the market value attributable to material improvements;

“purchase money”, in relation to a dwelling to which this Part applies, means the monetary value of the proportion of the purchase price of the dwelling fixed by the housing authority, in accordance with regulations made under section 49 for the purposes of calculating the purchase money, as the proportion that is required to be paid to purchase the dwelling;

“purchase price”, in relation to a dwelling to which this Part applies, means the price of the dwelling determined by a housing authority in accordance with regulations made under section 49 for the purposes of calculating the purchase price;

“purchaser” means a person who purchases a dwelling under an incremental purchase arrangement and includes a person in whom there subsequently becomes vested (other than for valuable consideration) the interest of the purchaser or his or her successor in title and the personal representative of that person or successor in title;

“transfer order” has the meaning given to it by section 45.

F49[(2) (a) A housing authority shall not proceed with the sale of a dwelling under an incremental purchase arrangement to a household referred to in paragraph (b) of the definition of "eligible household" in subsection (1) where—

(i) at any time during the 3 years immediately before applying to the authority to purchase a dwelling under this Part, the household or a household member was in arrears of rent, rent contributions, charges, fees or any other moneys due and owing to a housing authority or an approved body for an accumulated period of 12 weeks or more in respect of a dwelling or site to which Chapter 3 of Part 2 of the Act of 2009 relates, and

(ii) subject to paragraph (b), the household or the member concerned has not entered into rescheduling arrangements with the housing authority or approved body concerned for the payment of such arrears, or, having entered into such arrangements, has not, in the opinion of the authority or body, substantially complied with their terms.

(b) In applying paragraph (a)(ii), a housing authority shall disregard the case where the authority or approved body concerned is satisfied that the failure of the household or the member concerned to substantially comply with the terms of the rescheduling arrangements was due to circumstances outside the control of such household or member.]