Subject to subsection (3) below, any reference in this Act to disposing of an interest in land is a reference to—
transferring a legal estate in fee simple absolute in possession; or
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
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.
In subsection (1)(b) above the expression "lease" includes the rights and obligations arising under an agreement to grant a lease.
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—
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
in Scotland, the interest of a creditor in a heritable security as defined in section 9(8) of the Conveyancing and Feudal Reform (Scotland) Act 1970.