Section 8 — Credit Contracts and Consumer Finance Act 2003: Meaning of buy-back transaction

8 Meaning of buy-back transaction (1) In this Act, unless the context otherwise requires, buy-back transaction means a transaction under which— (a) a person (the occupier ) transfers, or agrees to transfer, an estate in land to another person (the transferee ); and (b) the land is the principal place of residence of the occupier at the time that the occupier enters into the transaction; and (c) the occupier, or a person designated by the occupier, has, after the transfer, a right to occupy the whole or any part of the land; and (d) 1 or more of the following applies: (i) the occupier, or a person designated by the occupier, has a right to repurchase the estate in the land in whole or in part: (ii) there is an understanding between the occupier and the transferee that the occupier, or a person designated by the occupier, has a right to repurchase the estate in the land in whole or in part: (iii) there is an understanding between the occupier and any buy-back promoter that the occupier, or a person designated by the occupier, has a right to repurchase the estate in the land in whole or in part; and (e) the occupier is a natural person who enters into the transaction primarily for personal, domestic, household, or investment purposes. (2) If, by virtue of any contract or contracts (none of which by itself constitutes a buy-back transaction) or any arrangement, there is a transaction that is in substance or effect a buy-back transaction, the contract, contracts, or arrangement must, for the purposes of this Act, be treated as a buy-back transaction made at the time when the contract, or the last of those contracts, or the arrangement, was made, as the case may be.