Technically the asset sold to the purchaser is probably not an
interest in land, but a right over land.
This is because the typical sale agreement creates, in law, a
licence rather than a lease and such a licence does not normally
constitute an interest in land.
However, from a practical point of view it is obvious that
the seller's freehold interest in the land will have been
considerably diminished by the creation and sale of these licences.
We therefore consider that the transaction may be viewed as a
transaction in land.
