S.L. 328.2 Art. 6Changeofordinary residence by absolute owner or perpetual emphyteuta.

(1) Where a person who qualifies to make an application under this Scheme occupies as his ordinary residence a dwelling-

house under a title of absolute ownership or of perpetual emphyteusis and wishes to change to another ordinary residence, that person may apply for a subsidy in accordance with the following provisions of this clause.

(2) Before making an application the applicant must have entered into a promise of sale agreement in respect of the dwelling-house occupied by the applicant as an ordinary residence.

(3) Before being able to finalise the loan and withdraw funds in terms of the loan agreement the applicant must conclude the deed of sale in respect of the dwelling-house covered by the promise of sale agreement as aforesaid.

(4) The proceeds of the sale in accordance with sub-clause (3) must all be used to finance the purchase of the dwelling-house in respect of which the loan has been advanced.

(5) Where the applicant sold the dwelling-house which used to be occupied by him as his ordinary residence, immediately before the application or within twelve months immediately preceding the date of the application, the proceeds from that sale shall be used to finance the purchase by the applicant of the dwelling-house in respect of which a loan may be advanced and a subsidy granted upon the application in accordance with the provisions of this clause.

(6) The Director shall have the right to appoint one or more architects to determine the market value of the dwelling-house sold or to be sold by the applicant under the provisions of this clause and the value so determined and approved by the Director shall be deemed to be the proceeds from the sale for the purposes of sub-clauses (4) and (5).