(1)A contract is substantially performed for the purposes of this Act when—
(a)the buyer, or a person connected with the buyer, takes possession of the whole, or substantially the whole, of the subject-matter of the contract, or
(b)a substantial amount of the consideration is paid or provided.
(2)For the purposes of subsection (1)(a)—
(a)possession includes receipt of rents and profits or the right to receive them, and
(b)it is immaterial whether possession is taken under the contract or under a licence or lease of a temporary character or a tenancy at will.
(3)For the purposes of subsection (1)(b), a substantial amount of the consideration is paid or provided—
(a)if none of the consideration is rent, when the whole or substantially the whole of the consideration is paid or provided;
(b)if the only consideration is rent, when the first payment of rent is made;
(c)if the consideration includes both rent and other consideration, when the first of the following events occurs—
(i)the whole or substantially the whole of the consideration other than rent is paid or provided, or
(ii)the first payment of rent is made.
Commencement Information
I1S. 14 in force at 1.4.2018 by S.I. 2018/34, art. 3