17. (1) An affordable dwelling shall not be sold by a homeowner prior to the redemption of the affordable dwelling equity without the prior written consent of the housing authority following a request in that behalf by the homeowner concerned.

(2) A housing authority shall not unreasonably withhold its consent under subsection (1) having regard to the objective of realising the affordable dwelling equity from the proceeds of any such sale after discharge of prior incumbrances.

(3) A request by a homeowner for consent to sell prior to the redemption of the affordable dwelling equity shall include the proposed minimum selling price and all information reasonably necessary to enable the housing authority to consider the request for consent.

(4) A homeowner who has made a request to sell under this section shall allow the housing authority to inspect the affordable dwelling prior to the housing authority making a decision under subsection (5).

(5) As soon as reasonably practicable after consideration of the request for consent to sell, the housing authority shall notify the homeowner in writing of its decision which shall be a decision—

(a) to refuse to grant its consent and, where it so refuses, the notification shall state the reasons for the refusal, or

(b) to grant consent subject to a stated minimum selling price and subject to such conditions (if any) as the housing authority may impose for the purposes of securing the payment of the affordable dwelling equity out of the proceeds of any such sale.

(6) Any sale shall be conducted in accordance with any conditions included in the written consent of the housing authority.

(7) After the homeowner enters into an enforceable contract for any sale in respect of which consent has been granted under this section but prior to the completion of that sale, the homeowner shall notify the housing authority of the actual sale price, and the monetary value of the affordable dwelling equity shall be determined by the housing authority in accordance with the valuation mechanism in accordance with the following formula and shall be notified to the homeowner:

X% x (€Y - €Z)

where—

(a) X% is the affordable dwelling equity as stated in the affordable dwelling purchase arrangement unless redemption payments have previously been made, in which case it shall be the affordable dwelling equity as revised pursuant to the last previous redemption payment made,

(b) €Y is the market value of the affordable dwelling provided that for the purpose of such determination, the price referred to in section 14(1), to be adjusted (if relevant) by reference to the matters referred to in paragraphs (a) and (b) of section 14(1), shall be the actual sale price, and

(c) €Z is the amount of the vouched charges, costs and expenses properly incurred by the homeowner as incident to the sale.

(8) Unless permitted in writing by the housing authority and subject to any conditions of such permission, the sale shall not be completed until the monetary value of the affordable dwelling equity is determined and notified to the homeowner by the housing authority.

(9) Upon the payment by the homeowner to the housing authority of the sum representing the monetary value of the affordable dwelling equity, the housing authority shall execute all documents and take all steps reasonably necessary to F6[confirm such payment and effect the discharge or cancellation of any order or entry referred to in section 13(2)].

(10) If the proceeds of sale remaining, after discharge of prior incumbrances and the vouched charges, costs and expenses properly incurred by the homeowner as incident to the sale, are insufficient to discharge the affordable dwelling equity, the housing authority shall comply with subsection (9) upon payment of the remaining proceeds of the sale, and the remaining balance due to the housing authority shall be recoverable by the housing authority from the homeowner as a simple contract debt.

(11) Subject to any agreement referred to in section 13(3), in the case of a sale of the affordable dwelling by a mortgagee having rights in priority to the rights of the housing authority in the affordable dwelling purchase arrangement—

(a) the mortgagee shall be entitled to sell the affordable dwelling without the consent of the housing authority,

(b) the housing authority shall be deemed the person entitled, pursuant to section 107(2) of the Conveyancing Act, to receive the residue of the proceeds of such resale after discharge of the mortgage moneys due to such lender upon the trusts provided for in section 107(3) of the Conveyancing Act, and

(c) upon receipt of the residue of the proceeds of such sale, the housing authority shall retain the proceeds pending agreement or determination of the monetary value of the affordable dwelling equity, and shall apply such proceeds towards the discharge of the affordable dwelling equity, and—

(i) any residue of the proceeds held after discharge of the affordable dwelling equity shall be held by the housing authority upon the trusts provided for in section 107(3) of the Conveyancing Act and distributed accordingly, and

(ii) if the proceeds held are insufficient to discharge the affordable dwelling equity, the balance due to the housing authority shall be recoverable by the housing authority from the homeowner as a simple contract debt.