Security for unpaid rates
5.—(1) A charging authority and a person liable to pay to it an amount under section 43 or 45 of the Act may enter into an agreement that—
(a)any interest of his in the hereditament as regards which the liability arises shall be charged to secure paymenbt of the amount; and
(b)in consideration of the charge, the authority will take no steps, for a period specified in the agreement, to recover any payment in respect of the amount.
(2) The period specified for the purposes of paragraph (1)(b) may not exceed three years.
(3) An agreement under this regulation—
(a)may also extend to any further amount the person may become liable to pay to the authority under section 43 or 45 of the Act as regards the hereditament;
(b)may provide for the payment of interest on sums outstanding;
(c)may provide for interest payable to be secured by the charge.
(4) In this regulation “the Act” means the Local Government Finance Act 1988.