Section 1: Regulated leases
Generally, this Act applies in relation to leases of single dwellings granted on or after commencement of the relevant provision of the Act. This includes leases created by virtue of a variation of a lease which results in a deemed surrender and regrant.
	This Act does not apply to long residential leases of single dwellings where the leaseholder does not pay a premium for the granting of the lease. However, subsection (5) states that where there is a deemed surrender and regrant of either a regulated lease or a pre-commencement lease, the general provision that a regulated lease is one for which a premium has been paid does not apply. This is intended to cover circumstances such as a variation to a lease to address a drafting error, where payment of a premium may not be required. This ensures leases remain regulated by the Act after such a variation.
	Additionally, where, prior to commencement, buyers and sellers have entered into a legally binding contract in relation to the grant of the lease (other than an option or right of first refusal), the provisions do not apply. The provisions will additionally not be applicable to some exceptions listed in section 2.