Part 1Conversion of long lease to ownership
Determination of “qualifying lease”
I11Meaning of “qualifying lease”
1
A lease is a “qualifying lease” if it complies with subsection (3).
2
Subsection (1) is subject to section 3.
3
A lease complies with this subsection if, immediately before the appointed day, it is a right of lease in land—
a
which is registered,
b
granted for a period of more than 175 years, and
c
in respect of which the unexpired portion of that period is—
i
where the subjects of the lease wholly or mainly comprise a private dwelling house, more than 100 years,
ii
in any other case, more than 175 years.
4
But a lease does not so comply if—
a
the annual rent payable under the lease is over £100,
b
the subjects of the lease include a harbour (either wholly or partly) in relation to which there is a harbour authority,
c
it is one granted for the sole purpose of allowing the tenant to install and maintain pipes or cables, or
d
it is one either—
i
of minerals, or
ii
which includes minerals and in respect of which a royalty, lordship or other payment of rent determined by reference to the exploitation of those minerals is or may be payable.
5
Where a lease is divided (whether as a result of partial assignation or otherwise), each part is treated as a separate lease for the purposes of this Act.
6
For the purposes of subsection (3)(c)(i), “dwelling house” includes any yard, garden, outbuilding or other pertinent.