Types of exempt lease
63Exemption of qualifying lease by registration of notice
A lease is an exempt lease if—
(a)it is a qualifying lease, and
(b)the tenant under the lease, not later than 2 months before the appointed day, executes and registers a notice in the prescribed form (referred to in this Act as an “exemption notice”).
64Exemption of qualifying lease by registration of agreement or order
(1)A lease is an exempt lease if—
(a)it is a qualifying lease,
(b)it is not a lease in relation to which cumulo rent is payable, and
(c)the landlord, not later than 2 months before the appointed day, registers against the title of the tenant—
(i)an agreement entered into with the tenant, or
(ii)an order made by the Lands Tribunal under section 69.
(2)The agreement must—
(a)be in the prescribed form,
(b)be signed by or on behalf of the landlord and the tenant,
(c)state either—
(i)that the annual rent payable under the lease immediately before the appointed day will be over £100, or
(ii)that the annual rent paid under the lease was over £100 at any point during the relevant period.
(3)The relevant period is the period of 5 years ending on the day the Bill for this Act received Royal Assent.
65Certain leases registered near or after the appointed day
A lease is an exempt lease if—
(a)it is not registered on the day falling 1 year before the appointed day,
(b)it would, had it been so registered, have been converted on the appointed day into a right of ownership under section 4(1)(a),
(c)despite not being registered, it constitutes a real right in land, and
(d)it is subsequently registered (whether before, on or after the appointed day).
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).