Section 23 Qualified title to leasehold estate.

If, on an application for first registration of any person as full or limited owner of a leasehold estateF1. . . , it appears to the Registrar. . . that the title, either of the lessor to the reversion or of the lessee to the leasehold estate, can be established only for a limited period, or only subject to certain qualifications, the Registrar may, by an entry made on the register, except from the effect of registration any estate—

and a title registered subject to any such exception shall be called a “qualified title” .

The first registration of a person as full or limited owner of a leasehold estate with a qualified title shall have the same effect as first registration with an absolute title or, as the case may be, with a good leasehold title save that first registration with a qualified title shall not prejudice or affect the enforcement of any estate appearing from the register to be excepted.