53 Meaning of relevant disposal.E+W
(1)A disposal is a relevant disposal for the purposes of the provisions of this Chapter relating to grant conditions if it is—
(a)a conveyance of the freehold or an assignment of the lease, or
(b)the grant of a lease (other than a mortgage term) for a term of more than 21 years otherwise than at a rack rent.
(2)For the purposes of subsection (1)(b) it shall be assumed—
(a)that any option to renew or extend a lease or sub-lease, whether or not forming part of a series of options, is exercised, and
(b)that any option to terminate a lease or sub-lease is not exercised.
(3)The grant of an option enabling a person to call for a relevant disposal shall be treated as such a disposal made to him.