219Land registration and PPP leases
(1)The [1925 c. 21.] Land Registration Act 1925 shall be amended in accordance with the following provisions of this section.
(2)In section 3 (interpretation) after paragraph (xviii) there shall be inserted—
“(xviiia)“PPP lease” has the same meaning as in Chapter VII of Part IV of the Greater London Authority Act 1999 (public-private partnership agreements).”
(3)In section 8(2) (restriction on registering leasehold land held under a lease containing a prohibition or restriction on dealings inter vivos) at the beginning there shall be inserted “Leasehold land held under a PPP lease shall not be registered under this Act; and, subject to that,”.
(4)In section 19 (registration of disposition of freeholds) in paragraph (a) of the proviso to subsection (2) (exception for leases not exceeding twenty-one years) after “twenty-one years” there shall be inserted “or of a PPP lease”.
(5)In section 22 (registration of dispositions of leaseholds) in paragraph (a) of the proviso to subsection (2) (exception for underleases not exceeding twenty-one years) after “twenty-one years” there shall be inserted “or of an underlease which is a PPP lease”.
(6)Any interest in land consisting of a PPP lease shall, unless registered or otherwise entered on the register, be an overriding interest for the purposes of the [1925 c. 21.] Land Registration Act 1925; but the registrar shall not be required by virtue of section 70(2) or (3) of that Act to enter any note or notice of any such lease, or of any claim to any such lease, in the register.
(7)Accordingly, in section 70 (overriding interests)—
(a)in subsection (1), after paragraph (k) there shall be inserted the following paragraph—
“(kk)PPP leases;”; and
(b)after subsection (3) there shall be inserted the following subsection—
“(3A)Neither subsection (2) nor subsection (3) of this section shall apply in the case of a PPP lease.”
(8)In section 123 (compulsory registration: dispositions to which requirement to register applies) in subsection (6) (interpretation) the word “and” immediately preceding paragraph (c) shall be omitted and at the end of that paragraph there shall be added “; and
(d)“term of years absolute” does not include a PPP lease”.