Can i run unreal engine 4 well on a lenovo y40-80 laptop?

I’d get a desktop pc instead, price per performance. The video card only meets minimum requirements. If you really need to develop on a laptop get one with a top of the line card, like the GTX 980M. The gpu is more of a bottleneck on that than the cpu.

Look here for recommended requirments. It does suggest a quad-core as well.
Hardware Requirements