(1) The granting of a shared ownership lease by a housing authority of a house provided by them under section 56 of the Principal Act shall be subject to such regulations as may be made by the Minister for the purposes of this section.
(2) Every shared ownership lease granted by a housing authority and every assurance of the authority's interest in accordance with such a lease shall be expressed and shall operate to vest, on the date specified therein, the interest so specified, subject to such terms and conditions as may be so specified.
(3) Where a housing authority have granted a shared ownership lease, then, subject to such regulations as may be made by the Minister, the authority may charge a rent or other payment for the tenancy or occupation of the house concerned.
(4) Where a loan, being a loan made otherwise than by a housing authority, to enable a lessee to make a payment in respect of a shared ownership lease granted by a housing authority is secured by way of mortgage, the authority may enter into and carry out an agreement with the mortgagee.
(5) Regulations under this section may, in particular, but without prejudice to the generality of subsection (1), make provision in relation to all or any one or more of the following:
( a ) the form and terms of a shared ownership lease;
( b ) the class or classes of houses in respect of which a shared ownership lease may be granted;
( c ) the class or classes of persons to whom a shared ownership lease may be granted;
( d ) requirements in relation to the financial and family circumstances of persons to whom a shared ownership lease may be granted;
( e ) requirements in relation to the occupation and maintenance of a house;
( f ) requirements in relation to the floor area of a house, measured in such manner as may, from time to time, be determined by the Minister;
( g ) requirements in relation to standards of construction, works and repair and the availability in a house of water, sewerage and other services;
( h ) the determination of the sum of money payable by the lessee in respect of the grant of a shared ownership lease and of the rent reserved under the lease;
( i ) the purchase by the lessee of the interest of the housing authority in a house and the determination of the sums of money payable therefor;
( j ) the form and terms of an agreement under subsection (4);
( k ) prohibiting the disposal, mortgaging, charging or alienation of a house, otherwise than by devise or operation of law, save with the consent of the housing authority.
(6) Where a housing authority are, by virtue of section 23 of the Registration of Title Act, 1964, required to register the ownership of a house in respect of which a shared ownership lease is granted by them, section 25 of that Act shall apply as if the reference to six months in the said section 25 were a reference to eighteen months.
(7) Where a written report on the value of a house and any factors likely to affect its value is furnished by a housing authority in connection with the making of a loan by a building society to enable a lessee to make a payment in respect of a shared ownership lease, the authority may be deemed to be a person competent to value and not disqualified from making a report for the purposes of section 25 (1) (c) of the Building Societies Act, 1989.
( 8 ) ( a ) The following provisions shall not apply in relation to the granting of a shared ownership lease by a housing authority, that is to say:
(i) section 83 of the Local Government Act, 1946;
(ii) section 88 of the Principal Act;
(iii) section 90 of the Principal Act (as amended by this Act), except as may be provided for in regulations made under that section.
( b ) The following provisions shall not apply in relation to a house during a period it is leased under a shared ownership lease by a housing authority, that is to say:
(i) section 58 of the Principal Act;
(ii) section 26 of the Landlord and Tenant (Ground Rents) (No. 2) Act, 1978.