Regulation 5 Specified time for disclosure of green deal plan: sales by auction

(1)

This regulation provides for the specified time for the purposes of section 12(2)(b) of the Act^f1 where A intends to sell a green deal property or a lease of such a property at a written bids auction or an oral and written bids auction.

(2)

Except where paragraph (3) or (4) applies, the specified time is whichever is the earlier of—

(a)

the time B views the green deal property; or

(b)

where the property is to be sold by—

(i)

written bids auction, the time when A requires written bids to be submitted to A or an agent; or

(ii)

oral and written bids auction, the time when the process of making oral bids at the auction commences.

(3)

Where B becomes a prospective buyer by virtue of making a written bid, the specified time for the purposes of section 12(2)(b) of the Act is—

(a)

as soon as practicable after A or an agent receives B’s bid; but

(b)

before the bid is accepted.

(4)

Where B becomes a prospective buyer by virtue of making an oral bid, the specified time for the purposes of section 12(2)(b) of the Act is before the bid is accepted.

Annotations

Footnotes

f1: Section 12(2)(b) requires a seller, prospective landlord or licensor to provide the document produced or updated under section 8(4) to a prospective buyer, tenant or licensee at a specified time. A document produced or updated under section 8(4) is one which includes information in connection with a green deal plan.