Where a claim to exercise the right to collective enfranchisement under Chapter I is made by the giving of a notice under section 13, or a claim to exercise the right to acquire a new lease under Chapter II is made by the giving of a notice under section 42, then except as otherwise provided by Chapter I or (as the case may be) Chapter II—
the procedure for giving effect to the notice, and
the rights and obligations of all parties in relation to the investigation of title and other matters arising in giving effect to the notice,
shall be such as may be prescribed by regulations made by the Secretary of State and, subject to or in the absence of provision made by any such regulations, shall be as nearly as may be the same as in the case of a contract of sale or leasing freely negotiated between the parties.
Regulations under this section may, in particular, make provision—
for a person to be discharged from performing any obligations arising out of a notice under section 13 or 42 by reason of the default or delay of some other person;
for the payment of a deposit—
by a nominee purchaser (within the meaning of Chapter I) on exchange of contracts, or
by a tenant who has given a notice under section 42; and
with respect to the following matters, namely—
the person with whom any such deposit is to be lodged and the capacity in which any such person is to hold it, and
the circumstances in which the whole or part of any such deposit is to be returned or forfeited.