114. Registration of title.

The compulsory first registration of title of a qualifying estate in unregistered land1 is triggered by the occurrence of any of the following events (amongst others):

  1.  

    (1)     the grant out of a qualifying estate of an estate in land (except to a person as mortgagee2):

    1.  

      (a)     for a term of years absolute3 of more than seven years4 from the date of the grant; and

    2.  

      (b)     for valuable or other consideration5, by way of gift6 or in pursuance of an order of any court7;

  2.  

    (2)     the grant out of a qualifying estate of an estate in land for a term