How can I buy an expired domain name?

I’ve just been looking for domain names that are appropriate for my work. My ideal .co.uk domain is taken, however when I checked the WHOIS register, it was registered on 28/02/02, last updated on 15/11/07 but the Registration Status is now at ‘Renewal Required’ as re-registration was due on 29/02/08. Is there any way that I can purchase this domain or is there a period of time in which the current owner is allowed sole opportunity to re-buy the name?