176.Section 49 sets out the procedure to be followed once the owner of the land or the creditor in the standard security gives notice that they intend to transfer registered land. Ministers must have the notice entered on the Register and by notice require the community body to confirm whether or not it will exercise its right to buy.
177.Under subsection (4) the community body has 30 days from the date specified in the notice to confirm to Ministers that it intends to exercise its right to buy; failure to do so means that the right to buy falls.