Application of Act

C12 Interests in land.

1

Subject to subsection (3) below, any reference in this Act to disposing of an interest in land is a reference to—

a

transferring a legal estate in fee simple absolute in possession; or

b

transferring or creating, elsewhere than in Scotland, a lease which, by reason of the level of the rent, the length of the term or both, has a capital value which may be lawfully realised on the open market; or

c

transferring or creating in Scotland any estate or interest in land which is capable of being owned or held as a separate interest and to which a title may be recorded in the Register of Sasines;

and any reference to acquiring an interest in land shall be construed accordingly.

2

In subsection (1)(b) above the expression “lease” includes the rights and obligations arising under an agreement to grant a lease.

3

Notwithstanding anything in subsections (1) and (2) above, references in this Act to disposing of an interest in land do not extend to disposing of—

a

the interest of a creditor whose debt is secured by way of a mortgage or charge of any kind over land or an agreement for any such mortgage or charge; or

b

in Scotland, the interest of a creditor in a heritable security as defined in section 9(8) of the M1Conveyancing and Feudal Reform (Scotland) Act 1970.