Where a council sold a cottage holding1 the consideration had to be a terminable annuity equal to the full fair rent2 of the holding for 60 years or, at the purchaser's option, a terminable annuity for a less period of an equivalent capital value3. The annuity is paid in equal half-yearly instalments, secured by a charge on the holding4. The council may postpone payment of all or part of the annuity for up to five years on account
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