Part 1: Leasehold houses Section 1: Ban on the grant or assignment of long residential leases of houses
Section 1 prohibits the granting or entering into an agreement to grant a new long residential lease of a house.
	Subsection (1) bans the granting or entering into an agreement to grant a long residential lease of a house on or after the day this Section comes into force unless it is a permitted lease.
	Subsection (2) prevents leases from being entered into after the ban comes into force, if at the time of assigning the lease it is a long residential lease of a house, but at the time of granting it was not a long residential lease of a house. For example, this would prevent a person in an attempt to avoid being captured by the ban building a house on land leased for other purposes and then selling the lease.
	Subsection (3) details that this Section does not affect (a) the validity of a lease granted in breach of subsection (1) and does not affect the powers of an owner to grant such a lease and (b) any contractual rights of a party to an agreement entered into in breach of subsection (1).