SCHEDULE 3S FORM OF INSTALMENT DOCUMENT
(introduced by section 10(1))
To: [name and address of former superior or of his agent].
I [name and address of former vassal] opt to make the compensatory payment of £ [amount] due under the notice dated [date] by [number of instalments: see note for completion] equal half-yearly instalments of £ [amount] on 28 May and 28 November each year, commencing on [28 Mayor 28 November] [year].
I enclose payment of £ [amount] as an amount payable in addition to the compensatory payment.
(This explanation has no legal effect)
You can choose to pay by instalments by signing, dating and returning this form within eight weeks, but if you do so you must enclose the additional amount (10% over and above the compensatory payment) mentioned in this notice.
The compensatory payment will be payable in 5, 10, 15, or 20 equal instalments (depending on the total amount). The first payment will be made at the first term day of Whitsunday (28 May) and Martinmas (28 November) which follows the return of the instalment document. Payments will be due half-yearly thereafter on 28 May and 28 November until payment in full has been made.
If you fail to pay an instalment within 42 days after the day on which it is due, the whole balance of the compensatory payment will be due at once.
If, having chosen to pay by instalments, you sell, or transfer for valuable consideration, the property or any part of it the whole balance of the compensatory payment will be due seven days after the sale or transfer.
If, after you receive this document, you sell, or so transfer, the property or any part of it without having signed, dated and returned this form, you will lose the right to obtain the option to pay by instalments and the entire compensatory payment will be payable in accordance with the notice which accompanied this document.
If you have difficulty in making the compensatory payment you may be able to make arrangements with your former superior different from those you would obtain by signing, dating and completing this form; but that is a matter on which you are advised to consult your solicitor or other adviser without delay.
Note for completion of the form by the former superiorS
(This note has no legal effect)
Insert the number of instalments in accordance with the following table:
|Compensatory Payment||Number of Instalments|
|£50 but not exceeding £500||5|
|exceeding £500 but not exceeding £1,000||10|
|exceeding £1,000 but not exceeding £1,500||15|