F112 Arbitration[F1or third party determination] of rent.E+W
(1)Subject to the provisions of Schedule 2 to this Act, the landlord or tenant of an agricultural holding may by notice in writing served on the other demand that the rent to be payable in respect of the holding as from the next termination date shall be referred to arbitration under this Act.
[F2(1A)The landlord and tenant may instead refer for third party determination under this Act the question of how much rent is to be payable in respect of the holding as from the next termination date.]
(2)On a reference under this section the arbitrator[F3or third party] shall determine what rent should be properly payable in respect of the holding at the [F4next termination date following the date of the demand for arbitration[F5or (as the case may be) the reference for third party determination] and accordingly shall, with effect from that next termination date], increase or reduce the rent previously payable or direct that it shall continue unchanged.
(3)A demand for arbitration under this section shall cease to be effective for the purposes of this section on the next termination date following the date of the demand unless before the said termination date—
(a)an arbitrator has been appointed by agreement between the parties, or
(b)an application has been made to the President of the Royal Institute of Chartered Surveyors for the appointment of an arbitrator by him.
(4)References in this section (and in Schedule 2 to this Act) in relation to a demand for arbitration[F6, or reference for third party determination,] with respect to the rent of any holding, to the next termination date following the date of the demand[F7or reference] are references to the next day following the date of the demand[F7or reference] on which the tenancy of the holding could have been determined by notice to quit given at the date of the demand[F7or reference].
(5)Schedule 2 to this Act shall have effect for supplementing this section.
Textual Amendments
F1Words in s. 12 inserted (26.3.2015 for specified purposes, 26.5.2015 in so far as not already in force) by Deregulation Act 2015 (c. 20), s. 115(2)(e)(3)(a), Sch. 4 para. 8(5)
F2S. 12(1A) inserted (26.3.2015 for specified purposes, 26.5.2015 in so far as not already in force) by Deregulation Act 2015 (c. 20), s. 115(2)(e)(3)(a), Sch. 4 para. 8(2)
F3Words in s. 12(2) inserted (26.3.2015 for specified purposes, 26.5.2015 in so far as not already in force) by Deregulation Act 2015 (c. 20), s. 115(2)(e)(3)(a), Sch. 4 para. 8(3)(a)
F4Words in s. 12(2) substituted (19.10.2006) by The Regulatory Reform (Agricultural Tenancies) (England and Wales) Order 2006 (S.I. 2006/2805), art. 3 (with art. 10)
F5Words in s. 12(2) inserted (26.3.2015 for specified purposes, 26.5.2015 in so far as not already in force) by Deregulation Act 2015 (c. 20), s. 115(2)(e)(3)(a), Sch. 4 para. 8(3)(b)
F6Words in s. 12(4) inserted (26.3.2015 for specified purposes, 26.5.2015 in so far as not already in force) by Deregulation Act 2015 (c. 20), s. 115(2)(e)(3)(a), Sch. 4 para. 8(4)(a)
F7Words in s. 12(4) inserted (26.3.2015 for specified purposes, 26.5.2015 in so far as not already in force) by Deregulation Act 2015 (c. 20), s. 115(2)(e)(3)(a), Sch. 4 para. 8(4)(b)