A person may apply to the registrar for cancellation of a caution against first registration if he is—
the owner of the legal estate to which the caution relates, or
a person of such other description as rules may provide.
Subject to rules, no application under subsection (1)(a) may be made by a person who—
consented in such manner as rules may provide to the lodging of the caution, or
derives title to the legal estate by operation of law from a person who did so.
Where an application is made under subsection (1), the registrar must give the cautioner notice of the application and of the effect of subsection (4).
If the cautioner does not exercise his right to object to the application before the end of such period as rules may provide, the registrar must cancel the caution.