2N.I.Subject to paragraph 4, where a person is registered or deemed to be registered (otherwise than by virtue of paragraph 2 of Part I of Schedule 13) with a possessory title to any estate in registered land and an application is made for registration of a transfer of that estate for valuable consideration, the Registrar may—
(a)on the application of the registered owner or of the transferee;
(b)if satisfied that[F1 twelve] years have elapsed since the first registration of the estate and the registered owner was, immediately prior to the transfer, in possession of the estate; and
(c)after giving such notices as may be prescribed;
register the transferee—
in the case of a freehold estate, with an absolute title or, if the circumstances of the case so require, with a good fee farm grant title; or
in the case of a leasehold estate, with a good leasehold title.