Section 393 | Meaning of “freehold interest”, “lease”, etc. ^F1

(1)In this Part “freehold interest in land” means—^F1

(a)the fee simple estate in the land, or^F1

(b)in relation to Scotland, the interest of the owner.^F1

(2)In this Part “freehold interest in land” also includes—^F1

(a)an agreement to acquire the fee simple estate in the land, or^F1

(b)in relation to Scotland, an agreement to acquire the interest of the owner.^F1

(3)In this Part “lease” includes—^F1

(a)an agreement for a lease if the term to be covered by the lease has begun, and^F1

(b)any tenancy,^F1

but does not include a mortgage (and “lessee”, “lessor” and “leasehold interest” are to be read accordingly).

(4)In the application of this Part to Scotland—^F1

(a)“leasehold interest” means the interest of a tenant in property subject to a lease, and^F1

(b)any reference to an interest which is reversionary on a leasehold interest or on a lease is to be read as a reference to the interest of the landlord in the property subject to the leasehold interest or lease.^F1