20Effect of first registration of leasehold estate with an absolute title.N.I.
(1)On first registration of a person as full owner of a leasehold estate with an absolute title, the leasehold estate shall, subject to subsections (3) and (4), vest in the person so registered, whether or not it was theretofore vested in him.
(2)On first registration of a person as limited owner of a leasehold estate with an absolute title, the person so registered shall, subject to subsections (3) and (4), be, in respect of that land, a tenant for life or, as the case may require, a person having under the Settled Land Acts the powers of a tenant for life, and that land shall be subject to the settlement in respect of which that person is registered as limited owner.
(3)In either of the cases specified in subsections (1) and (2), the estate of the registered owner shall be subject to—
(a)any registered burdens affecting the estate;
(b)any other matters appearing from the register to affect the estate; and
(c)[F1without prejudice to Schedule 5, Part II, paragraph 1,] any Schedule 5 burdens affecting the estate;
but, subject to section 11(3), shall be free from all other rights, including rights of the Crown.
(4)If, on first registration, the registered owner holds the estate as trustee, nothing in this section shall affect his duties and liabilities as such trustee.