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5(1)Subject to sub-paragraph (2), paragraph 2 applies in relation to instruments executed after 16th March 2005.
(2)That paragraph does not apply in relation to an instrument giving effect to a contract entered into on or before 16th March 2005, unless—
(a)the instrument is made in consequence of the exercise after that date of any option, right of pre-emption or similar right, or
(b)the instrument transfers the property in question to, or vests it in, a person other than the purchaser under the contract, because of an assignment (or, in Scotland, assignation) or further contract made after that date.
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