PART 5PROVISIONS APPLYING ONLY TO SECURE CONTRACTS
CHAPTER 2VARIATION OF CONTRACTS
I1105Variation of other consideration
1
Where consideration other than rent is payable under a secure contract, the amount of consideration may be varied—
a
by agreement between the landlord and the contract-holder, or
b
by the landlord in accordance with subsections (2) to (4).
2
The landlord may give the contract-holder a notice setting out a new amount of consideration to take effect on the date specified in the notice.
3
The period between the day on which the notice is given to the contract-holder and the specified date may not be less than two months.
4
Subject to that—
a
the first notice may specify any date, and
b
subsequent notices must specify a date which is not less than one year after the last date on which a new amount of consideration took effect.
5
This section is a fundamental provision which is incorporated as a term of all secure contracts under which consideration other than rent is payable.