48.— (1) Where a purchaser proposes to sell a dwelling which is subject to a charging order which has not been discharged, he or she shall give prior written notice to the housing authority or approved body, as appropriate, in accordance with the terms and conditions specified in the transfer order.

(2) Upon receipt of a notice referred to in subsection (1), the housing authority or approved body may, subject to subsection (4), purchase the dwelling for a sum equivalent to its market value, reduced by an amount equal to that proportion of the market value of the dwelling corresponding to the charged share in the dwelling on the date of resale.

(3) Without prejudice to any other power in that behalf, a housing authority or an approved body, as appropriate, may refuse to consent to the sale to any person of the dwelling where the housing authority or an approved body, as the case may be, is of the opinion that—

(a) the proposed sale price is less than the market value,

(b) the said person is or was engaged in anti-social behaviour or the sale would not be in the interest of good estate management, or

(c) the intended sale would, if completed, leave the vendor or any person who might reasonably be expected to reside with him or her without adequate housing.

(4) Where the housing authority or approved body purchases the dwelling in accordance with subsection (2) and material improvements have been made to the dwelling with the prior written consent of the housing authority or approved body, as appropriate, in accordance with the terms and conditions of the transfer order, the price payable by the authority or approved body shall be the market value of the dwelling, reduced by an amount equal to that proportion of the net market value of the dwelling as corresponds to the charged share of the authority or approved body in the dwelling on the date of its resale.

(5) Where a purchaser resells a dwelling to a person other than a housing authority or an approved body during the charged period, the purchaser shall pay to the housing authority or approved body concerned an amount equal to a percentage of the market value, such percentage being the equivalent of the charged share of the authority or approved body in the dwelling on the date of resale of the dwelling.

(6) Where a purchaser resells a dwelling to which material improvements have been made with the prior written consent of the authority or approved body, as appropriate, to a person other than a housing authority or an approved body, the purchaser shall pay to the housing authority or approved body an amount equal to that proportion of the net market value of the dwelling as corresponds to the charged share of the authority or approved body in the dwelling on the date of its resale.

(7) Where the amount payable under any of the provisions of this section would reduce the proceeds of the sale (disregarding solicitor and estate agent’s costs and fees) below the purchase money, the amount payable under the charging order shall be reduced to the extent necessary to avoid that result.

(8) (a) Subject to paragraph (b), where a purchaser resells a dwelling which is subject to a charging order the charged period of which has expired and in respect of which the amount referred to in section 47 (3) has not been paid in accordance with that section, section 46 (12) applies.

(b) No account shall be taken of any material improvements made to the dwelling after the expiration of the charged period.

(9) The housing authority may take account of any moneys likely to accrue to an approved body from the sale of dwellings under incremental purchase arrangements when providing assistance to such a body under section 6 of the Act of 1992 in respect of the provision of housing accommodation.

(10) (a) Subject to paragraph (b), any moneys accruing to an approved body from the sale of a dwelling under an incremental purchase arrangement or the resale of such a dwelling shall be paid to the housing authority for use by the housing authority for the purposes specified in section 13.

(b) Repayment of the moneys referred to in paragraph (a) shall be limited to the extent that those moneys have been taken into account by the housing authority when providing assistance under section 6 of the Act of 1992 in respect of the provision of housing accommodation.

(11) For the purposes of this section, the current market value of a dwelling shall be determined by the housing authority or the approved body, as appropriate, or, where the vendor does not agree with the market value so determined, by an independent valuer nominated by the vendor from a panel of suitably qualified persons, established by the housing authority, who are of a class or description prescribed under section 49.

(12) The housing authority or approved body, as the case may be, shall not be liable for any expenses incurred by a vendor under subsection (11).