If the Counter-Notice disputes qualification, the Nominee Purchaser must apply to the court within 2 months of Counter-Notice, in order to declare that the Initial Notice is valid.
If, after service of the Counter-Notice the two sides do not agree on price, then either the leaseholders or the landlord file an application with the nearest regional FTT a judicial body that decides on the price at which the landlord will sell (month 5).
Any application to the FTT must be made a minimum of 2 months from and within 6 months of, the date of service of the Counter-Notice.
The hearing is held (over a 2-day period for a large building) and a decision is made by 2-3 Panel members. Each party can represent itself or instruct a surveyor, solicitor and/or barrister.
The FTT determination becomes final 21 days after it is sent out and any appeal must be made within this period to the Lands Tribunal with leave of the LVT.
The landlord must prepare a draft contract within 21 days of the LVTs determination and the parties are expected to enter into the contract within a period of 2 months after the LVTs decision becomes final (the appropriate period).
If the appropriate period elapses without exchanging contracts, then the participating leaseholders must apply to court within a further 2 months for a Vesting Order.
The final stage of the process is that of the surrendering of the existing lease, the re-grant of the new lease and completion which can be read here.