886. Procedure for variation of implied terms.

It is open to the parties to agree on the terms of the periodic tenancy. If, however, no such agreement is reached, the landlord1 may serve on the tenant2, or the tenant may serve on the landlord, not later than the first anniversary of the day on which the former tenancy3 came to an end4, a notice in the prescribed form5 proposing terms of the statutory periodic tenancy6 different from the implied terms7; and, if the landlord or the tenant considers it appropriate, proposing an adjustment of the rent to take account of the proposed terms8. Where a notice