11.— (1) The only legal estates in land which may be created or disposed of are the freehold and leasehold estates specified by this section.

(2) For the purposes of subsection (1), a “freehold estate” means a fee simple in possession and includes—

(a) a determinable fee,

(b) a fee simple subject to a right of entry or of re-entry,

(c) a fee simple subject only to—

(i) a power of revocation,

(ii) an annuity or other payment of capital or income for the advancement, maintenance or other benefit of any person, or

(iii) a right of residence which is not an exclusive right over the whole land.

(3) For the purposes of subsection (1), a “leasehold estate” means, subject to sections 12 and 14, the estate which arises when a tenancy is created for any period of time or any recurring period and irrespective of whether or not the estate—

(a) takes effect in immediate possession or in future, or

(b) is subject to another legal estate or interest, or

(c) is for a term which is uncertain or liable to termination by notice, re-entry or operation of law or by virtue of a provision for cessor on redemption or for any other reason.

(4) The only legal interests in land which may be created or disposed of are—

(a) an easement,

(b) a freehold covenant,

(c) an incumbrance,

(d) a rent payable under a tenancy,

(e) a possibility of reverter,

(f) a profit à prendre, including a mining right,

(g) a public or customary right,

(h) a rentcharge,

(i) a right of entry or of re-entry attached to a legal estate,

(j) a wayleave or other right to lay cables, pipes, wires or other conduits,

(k) any other legal interest created by any statutory provision.

(5) A legal estate or legal interest under this section has, subject to this Act, the same attributes as the corresponding legal estates and interests existing at the commencement of this Part and may exist concurrently with, or subject to, any other legal estate or interest in the same land.

(6) Subject to this Act, estates and interests other than those referred to in subsections (1) to (4) take effect as equitable interests only, but this does not prevent the creation of the estates and interests referred to in those subsections as equitable interests.

(7) Nothing in this Act affects judicial recognition of equitable interests.

(8) Subject to this Act, a power of attorney, power of appointment or other power to dispose of a legal estate or interest in land operates with the same force and effect as such powers had before the commencement of this Part.

(9) All estates and interests in land, whether legal or equitable, may be disposed of.