Meaning of relevant disposal
84.—(1) A disposal is a relevant disposal for the purposes of the provisions of this Chapter relating to grant conditions if it is—
(a)a conveyance of a freehold estate in possession (whether legal or equitable) or an assignment of the lease, or
(b)the grant of a lease (other than a mortgage term) for a term of more than 21 years otherwise than at a rack rent.
(2) For the purposes of paragraph (1)(b) it shall be assumed—
(a)that any option to renew or extend a lease or sub-lease, whether or not forming part of a series of options, is exercised, and
(b)that any option to terminate a lease or sub-lease is not exercised.
(3) The grant of an option enabling a person to call for a relevant disposal shall be treated as such a disposal made to him.