53Valuation to work out market rent

53 Valuation to work out market rent (1) A valuer appointed under section 52 to work out market rent must report to the Magistrates Court within 28 days after the appointment. (2) On receiving a report from the valuer, the Magistrates Court must give the parties to the lease a copy of the report. (3) The market rent worked out by the valuer is the rent under the lease if the parties fail to agree on a different rent to be charged within 14 days after being given a copy of the valuer’s report. (4) If the parties to a lease enter into an interim agreement about renewing or extending the lease— (a) the lessor cannot withdraw the offer to renew or extend; and (b) the tenant cannot withdraw the acceptance of the offer. (5) However, subsection (4) does not apply if the parties agree, after the interim agreement is entered into, that the offer or acceptance may be withdrawn. (6) For subsections (4) and (5), an interim agreement is entered into if the tenant has accepted the lessor’s offer to renew or extend the lease subject to the rent being market rent and, under section 52 (3), requested the Magistrates Court to refer a dispute about the rent for mediation.