Regulation 34 Exception – transitional arrangements

(1)

In this regulation, “transitional period” means the period starting with 1st June 2007 and ending with 31st December 2007.

(2)

This regulation applies in relation to a property where—

(a)

the property is put on the market by or on behalf of the seller before 1st June 2007;

(b)

action taken at any time during the period starting with 1st June 2006 and ending with 31st May 2007 by or on behalf of the seller, made public the fact that the property was on the market;

(c)

such action was taken with the intention of selling the property before 1st June 2007; and

(d)

such action was sustained to a reasonable extent after it was put on the market, during the period starting with 1st June 2006 and ending with 31st May 2007.

(3)

Subject to paragraph (5), a person is not a responsible person in relation to a property to which this regulation applies, by virtue of action taken during the transitional period, by or on behalf of the seller, which makes public the fact that the property is on the market^f1.

(4)

Subject to paragraph (5), the duties under sections 155 to 159 of the 2004 Act do not apply in relation to a property to which this regulation applies, which is put back on the market during the transitional period—

(a)

after the seller had accepted an offer to buy the property (whether before, at or after 1st June 2007); and

(b)

within 28 days of that offer being withdrawn or its acceptance repudiated.

(5)

Paragraphs (3) and (4) cease to apply at the end of the transitional period.

Annotations

Footnotes

f1: See sections 151, 152(1)(b) and 153(1)(b) of the 2004 Act.