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The Leasehold Reform (Collective Enfranchisement and Lease Renewal) Regulations 1993
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Payment of deposit
2.—(1) The landlord may give to the tenant a notice requiring him to pay a deposit on account of the premium payable for the lease at any time when the tenant’s notice continues in force under section 42(8).
(2) The amount of the deposit shall be £250, or 10 per cent.of the amount proposed in the tenant’s notice as payable on the grant of the lease in accordance with Schedule 13 (premium and other amounts payable by tenant on grant of new lease), whichever is the greater.
(3) The tenant shall pay the deposit so required to the landlord’s solicitor or licensed conveyancer as stakeholder within the period of fourteen days beginning with the date the notice is given.
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