29. (1) Where a purchaser proposes to sell a house during the charged period, he or she shall give prior written notice to the housing authority 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 may purchase the house for a sum equivalent to the value of the uncharged share in the house, which is calculated by reducing the market value of the house on the date of resale by the outstanding charged share in the house on that date.

(3) Without prejudice to any other power in that behalf, a housing authority may refuse to consent to the sale to any person of the house during the charged period where the authority wishes to purchase the house in accordance with subsection (2) or the authority 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 (within the meaning of section 1 of the Act of 1997), 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 a purchaser resells a house to a person other than a housing authority during the charged period, the purchaser shall pay to the housing authority concerned the value of the outstanding charged share in the house on the date of resale of the house, which amount is calculated by applying that share to the relevant market value of the house on that date.

(5) 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.

(6) (a) Subject to paragraph (b), where a purchaser resells a house 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 27(2) has not been paid in accordance with that section, section 26(11) applies.

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

(7) For the purposes of this section, the market value or the relevant market value of a house shall be determined by the housing authority or, where the vendor does not agree with the market value or the relevant 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 30.

(8) The housing authority shall not be liable for any expenses incurred by a vendor under subsection (7).