2. Estates and Interests in Land Flashcards

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1
Q

Who owns all land in England and Wales?

A

The Crown

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2
Q

If the Crown owns all the land, what is the term given to a landowner’s interest in their land?

A

An estate

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3
Q

What are the two estates under the Law of Property Act 1925?

A
  1. Freehold estate (fee simple absolute in possession)
  2. Leasehold estate (term of years absolute)
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4
Q

In terms of duration, what is the difference between a freehold and leasehold estate?

A

Freehold is for an uncertain duration. Leasehold is for a fixed duration.

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5
Q

To have a better understanding of freehold estates for the purposes of tricky questions, what does the fee mean in fee simple absolute in possession?

A

That it can be inherited

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6
Q

What does the simple mean in fee simple absolute in possession?

A

That it can be inherited by anyone

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7
Q

What does the absolute mean in fee simple absolute in possession?

A

It will not end on a certain event

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8
Q

What does the in possession mean in fee simple absolute in possession?

A

Immediate and present enjoyment

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9
Q

Separate from the two legal estates do (1) legal interests or (2) equitable interests confer ownership of land?

A

No, they concern rights over land the legal estate of which is held by another

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10
Q

What are the five categories of legal interest, and only how may they be created?

A
  1. Mortgage
  2. Easement
  3. Rentcharge
  4. Right of entry
  5. Profits a prendre

Must be created by deed.

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11
Q

What is a rentcharge?

A

An interest in land requiring the landowner to make a periodic payment in respect of land to the rentcharge owner, but is different to and cannot arise under a lease or tenancy

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12
Q

What does the the rentcharge owner’s right of entry allow him to do?

A

Enter and take possession of the premises in the event of a default

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13
Q

What is a profit a prendre and what are the two types?

A

An interest in land enabling someone to take something from the land of another

  1. Profit a prendre in gross
  2. Profit a prendre appurtenant
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14
Q

What is the difference between a profit a prendre in gross and a profit a prendre appurtenant?

A

Profit a prendre in gross:
- Exists independently of the land
- Can be exercised for personal benefit of the profit owner
- Can be bought and sold separately from the land
- Not attached to any piece of land

Profit a prendre appurtenant:
- Attached to a particular piece of land
- Is bought and sold with the land

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15
Q

What is a common situation in which an equitable interest may arise by accident?

A

When parties attempt to create a legal interest by deed, but the formalities for a deed are not met

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16
Q

For interests created after 1925 and interests which are not a beneficial interest under a trust, what is required for an equitable interest to be binding?

A

Notice. And other than the two examples, this requires the interest to be registered, otherwise there is no notice.

17
Q

What are the three types of equitable interest?

A
  1. Equitable mortgage
  2. Covenant (restrictive or positive)
  3. Estate contract
18
Q

Is the deposit of title deeds as security for a loan enough to create an equitable mortgage, and why?

A

No, because:

  1. Equity requires sufficient evidence in writing before an equitable mortgage can be created
  2. A contract for property must be in writing, and in this situation there is no written agreement capable of enforcement
19
Q

What does the term concurrent interests describe?

A

The fact that a number of legal and equitable interests can exist in land at the same time

20
Q

In addition to the usual requirements of a contract, what two things are required for a contract for the sale of land to be valid?

A
  1. In writing and include all the terms to which the parties have agreed
  2. Be signed by all the parties or someone on their behalf
21
Q

What is a deed?

A

A written document used to create a legal interest or right in land, or transfer ownership of land, or by which an obligation relating to land is confirmed

22
Q

What three things are required for a deed to be valid?

A
  1. In writing
  2. Clearly intended to be a deed
  3. Duly executed as a deed
23
Q

What are the two requirements for a deed to be duly executed?

A
  1. Signed in the presence of an attesting witness
  2. Delivered
24
Q

When is a deed delivered?

A

When the party expresses an intention to be bound by the deed

25
Q

In what four situations is a deed not needed to transfer property?

A
  1. Assents by personal representatives
  2. Disclaimers under the Insolvency Act 1986
  3. Surrenders by operation of law
  4. Leases, tenancies or other assurances not required by law to be in writing