Interpretation – first point of marketing
3.—(1) Subject to the provisions specified in paragraph (2), a reference in these Regulations to the “first point of marketing” is to the first time a duty arises under section 155(1) or 159(2) of the 2004 Act in relation to the sale of the property interest.
(2) The provisions referred to in paragraph (1) are—
(a)regulations 16(3), 17(3), 21(3), 22(3) and 23(3); and
(b)paragraphs (3), (4) and (5).
(3) No further first point of marketing shall arise where the property is taken off the market and then put back on the market before the end of the period of one year starting with the day on which the first point of marketing falls.
(4) Except in the circumstances described in paragraph (5), where the property is taken off the market and then put back on the market after the end of the period of one year starting with the day on which the first point of marketing falls—
(a)a further first point of marketing arises; and
(b)that first point of marketing is the time at which the property is put back on the market.
(5) No further first point of marketing shall arise where the property—
(a)is taken off the market for any period of time because the seller accepts an offer to buy the property; and
(b)is then put back on the market within 28 days of that offer being withdrawn or its acceptance repudiated.