4(1)This paragraph applies to a disposition consisting of the grant out of a franchise or manor of a lease for a term of more than seven years from the date of the grant.
(2)In the case of a disposition to which this paragraph applies—
(a)the grantee, or his successor in title, must be entered in the register as the proprietor of the lease, and
(b)a notice in respect of the lease must be entered in the register.