(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 -