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BUILDING SOCIETIES ACT (NORTHERN IRELAND) 1967 - SECT 24

Permission to make special advance to purchaser of mortgaged property.

24.(1) The provisions of this section shall have effect where a
building society, in the exercise of its powers as mortgagee, proposes to sell
any freehold or leasehold estate mortgaged to the society, and to make to the
purchaser an advance upon the security of that estate which will constitute a
special advance.

(2) If, on an application to the registrar, the building society shows to his
satisfaction

(a)that the person entitled to redeem the mortgage is a body corporate, or a
person who is indebted to the society (taking into account the advance secured
by the mortgage and all other debts of any description, whether immediately
repayable or not) in an amount exceeding seven thousand pounds, or such other
sum as may be prescribed under section 21; and

(b)that the amount of the mortgage debt which, at the time of the application,
has not been repaid to the society, together with any arrears of interest in
respect of the advance secured by the mortgage, exceeds the amount of the
advance which the society proposes to make to the purchaser of the freehold or
leasehold estate;

(3) Any special advance for which permission is granted under this section
shall be left out of account for the purposes of section 22(3) to (5).

Valuation of security.

© 1967 Crown Copyright

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