[F18C Election in case of disposal for non-monetary consideration.E+W
(1)This section applies where an acceptance notice is duly served on the landlord indicating an intention to accept the offer referred to in section 5E (offer notice: disposal for non-monetary consideration).
(2)The requisite majority of qualifying tenants of the constituent flats may, by notice served on the landlord within—
(a)the period specified in the offer notice for nominating a person or persons for the purposes of section 6, or
(b)such longer period as may be agreed between the landlord and the requisite majority of qualifying tenants of the constituent flats,
elect that the following provisions shall apply.
(3)Where such an election is made and the landlord disposes of the protected interest on terms corresponding to those specified in his offer notice in accordance with section 5A, 5B, 5C or 5D, sections 11 to 17 shall have effect as if—
(a)no notice under section 5 had been served;
(b)in section 11A(3) (period for serving notice requiring information, &c.), the reference to four months were a reference to 28 days; and
(c)in section 12A(2) and 12B(3) (period for exercise of tenants’ rights against purchaser) each reference to six months were a reference to two months.
(4)For the purposes of sections 11 to 17 as they have effect by virtue of subsection (3) so much of the consideration for the original disposal as did not consist of money shall be treated as such amount in money as was equivalent to its value in the hands of the landlord.
The landlord or the nominated person may apply to have that amount determined by a leasehold valuation tribunal.]