Part 5Exemption from conversion and continuing leases
Types of exempt lease
66Subleases of exempt leases
A sublease of an exempt lease is an exempt lease if—
(a)
it would have been converted on the appointed day into a right of ownership under section 4(1)(a), had the sublease been registered immediately before the appointed day, and
(b)
it is registered (before, on or after the appointed day).