697. Meaning of 'qualifying shared ownership lease'.

A tenancy1 is not a protected tenancy2 if it is a qualifying shared ownership lease, that is a lease3:

  1.  

    (1)     granted in pursuance of the former right to be granted a shared ownership lease under the Housing Act 19854; or

  2.  

    (2)     a lease granted by a housing association5 and which complies with the statutory conditions6.

The statutory conditions are that the lease:

  1.  

    (a)     was granted for a term of 99 years or more and is not, and cannot become, terminable except in pursuance of a provision for re-entry or forfeiture;

  2.  

    (b)     was granted at a premium, calculated by reference to