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Land Law Chapter 3 "Estates and Interests in Land"

Gary Rowland Land Law CILEx Inglés 6 fichas

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1Name the 2 Legal Estates in land recognised by lawFee Simple Absolute in Possession
Term of Years Absolute
s1(1) Law of Property Act 1925
2Define Fee Simple Absolute in PossessionFee = Land capable of being inherited
Simple = No limitation on who can inherit
Absolute = No limitation which could bring estate to an end prematurely
In Possession = Holder of the estate must have the immediate right to go into possession
3Define Term of Years AbsoluteAnother name for a lease
Lease runs for fixed period either fixed-term or periodic (periodic must be terminated by notice to quit)
Lease does not need to be "in possession" but must come into effect within 21 years
4Name the 5 Legal Interests under s1(2) LPA 1925Legal Easements & Profits
Legal Rentcharge
Charge by way of Legal Mortgage
Certain charges arising under statute
Rights of Entry in Legal Leases & Rentcharges
5Explain the difference between Legal Estates & Interests to Equitable InterestsLegal Estates & Interests developed by Common Law and bind the world (buyer is bound regardless of whether they are aware or not)
Equitable Interests developed by courts of equity. Buyer must be given notice in order to be bound
6What is "Commonhold"?Introduced to meet needs of owners of flats or apartments (or nursing homes for example) where owners are interdependent on each other.
Registered as Commonhold land but the owner of each individual unit is referred to as Unit-Holder (freehold owner)