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Lords amendment: No. 13, in page 11, line 32, at end insert:
and (c) the provisions which, in the opinion of the Landlord or Housing Corporation, should be contained in the deed by which the mortgage is to be affected.
§ Mr. StanleyI beg to move, That this House doth agree with the Lords in the said amendment.
This is a procedural amendment. Its effect is simply to require the local authority, when notifying the purchaser of the amount it considers may be left outstanding on mortgage and the way in which this amount has been arrived at, also to notify him of the provisions which it proposes should be included in the mortgage. The Housing Corporation is to be under a similar obligation when advancing money to housing associations.
By "provisions" I refer, of course, to such matters as the rate of interest and the period of repayment. It is obviously important for the purchaser to have this information at an early stage. The amendment will achieve that and will be in the interests of those exercising their right to buy.
§ Question put and agreed to.
§ Lords amendment No. 14 agreed to.