1191. Certain leases for the elderly.

A lease for the elderly1 granted by a relevant housing provider2 and which complies with the specified conditions3 is excluded from the operation of the statutory provisions relating to the right to enfranchisement and extension4 at any time when the interest of the landlord5 belongs to a relevant housing provider6.

The conditions so specified are that the lease:

  1.  

    (1)     is granted at a premium which is calculated by reference to a percentage of the value of the house or of the cost of providing it;

  2.  

    (2)     complies, at the time when it is granted, with such requirements as may be