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(1)If a disposition of a registered estate or registered charge is required to be completed by registration, it does not operate at law until the relevant registration requirements are met.
(2)In the case of a registered estate, the following are the dispositions which are required to be completed by registration—
(b)where the registered estate is an estate in land, the grant of a term of years absolute—
(i)for a term of more than seven years from the date of the grant,
(ii)to take effect in possession after the end of the period of three months beginning with the date of the grant,
(iii)under which the right to possession is discontinuous,
(iv)in pursuance of Part 5 of the Housing Act 1985 (c. 68) (the right to buy), or
(v)in circumstances where section 171A of that Act applies (disposal by landlord which leads to a person no longer being a secure tenant),
(c)where the registered estate is a franchise or manor, the grant of a lease,
(d)the express grant or reservation of an interest of a kind falling within section 1(2)(a) of the Law of Property Act 1925 (c. 20), other than one which is capable of being registered under the Commons Registration Act 1965 (c. 64),
(e)the express grant or reservation of an interest of a kind falling within section 1(2)(b) or (e) of the Law of Property Act 1925, and
(f)the grant of a legal charge.
(3)In the case of a registered charge, the following are the dispositions which are required to be completed by registration—
(a)a transfer, and
(b)the grant of a sub-charge.
(4)Schedule 2 to this Act (which deals with the relevant registration requirements) has effect.
(5)This section applies to dispositions by operation of law as it applies to other dispositions, but with the exception of the following—
(a)a transfer on the death or bankruptcy of an individual proprietor,
(b)a transfer on the dissolution of a corporate proprietor, and
(c)the creation of a legal charge which is a local land charge.
(6)Rules may make provision about applications to the registrar for the purpose of meeting registration requirements under this section.
(7)In subsection (2)(d), the reference to express grant does not include grant as a result of the operation of section 62 of the Law of Property Act 1925 (c. 20).
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