74Restriction on vendor's right to rescind

74 Restriction on vendor's right to rescind (1) An instalment contract is not to be determinable or determined because of default on the part of the purchaser in payment of an instalment or amount of money (but not a deposit or a part of a deposit) due and payable under the contract until the expiration of 30 days after service on the purchaser of a notice in the approved form by the vendor or the vendor's agent. (2) A purchaser on whom a notice is served under subsection (1) may, within the period referred to in that subsection, pay or tender to the vendor or the vendor's agent the amount (including the amount in respect of which the default was made) that would, but for the default, have been due and payable under the contract at the date of making the payment or tender. (3) On payment or tender of an amount under subsection (2), a right or power of the vendor to determine the contract because of the default specified in the notice ceases and the purchaser is to be taken not to be in default under the contract. (4) A notice served under subsection (1) that is not in the approved form is to be taken to have the effect as if it were if it is reasonably sufficient to fully and fairly apprise the purchaser of the purchaser's default and of the effect of the purchaser's failure to remedy the default within the time specified in this section.

Law of Property Act 2000 45