Section 5. Where real estate has heretofore been extended on a writ of fieri facias, and no writ of liberari facias issued to take possession thereof, it shall be lawful for the plaintiff to either issue out his writ of liberari facias or give the defendant thirty days notice of his election, to permit the defendant to retain possession of the same, and the defendant shall within twenty days thereafter notify the plaintiff whether he will retain the same or deliver over said premises to the plaintiff at the annual valuation, and on failure so to do, or on failure to pay said valuation half yearly, like proceedings shall be had for the sale of said premises as is prescribed by the second and third sections of this act. The notices to be served and returns thereof made in the manner before prescribed.