(1) A reservation of a legal estate or interest in a conveyance of land operates, without execution of the conveyance or of any regrant by the grantee, to -

(a) vest that estate or interest in the grantor or other person for whose benefit it is made, and

(b) annex it to the land, if any, for the benefit of which it is made.

(2) A conveyance of land expressed to be subject to a legal estate or interest which is not in existence immediately before the date of the conveyance operates as a reservation within the meaning of subsection (1), unless a contrary intention is expressed in the conveyance.

(3) For the purpose of construing the effect of a conveyance of land, a reservation shall not be treated as taking effect as a regrant.

(4) This section applies only to reservations made after the commencement of this Part.