Concepts Flashcards
What is land
S205(1)(ix) LPA 1925
Things you can touch and feel
What is a fixture
Part of the land that must remain with it
What is a chattel?
Moveable property
Would not expect to acquire them when buying land
Tests to determine fixture or chattel
- Method and degree of annexation
- how firmly fixed
- will it cause damage to remove - Object and purpose of annexation
- why is it there
- rebuttal presumption in first test
- conclusive
Who owns land
- All land in E & W owned by Crown
- Owning land is a right to enjoy land for a period of time
- If someone died having owned land with no inheritors it will belong to crown
What does estate mean
Time in the land
What is a freehold estate?
Outright ownership which will last forever
What is a leasehold estate
Of limited duration
Leases may be fixed term or periodic
Unregistered system of land
Proving you own title to the land showing good root of title
Showing documents that they prove ownership
Must be at least 15 years old
Registered system of land
Land registration act 2002
Register is computerised and open to the public
How does a conveyancing transaction work? - moving of land
- Exchange of contracts
- 10% deposit paid on exchange
/ time delay of 2-4 weeks before completion - Completion
- ownership moves & 90% money is paid
Formalities for a contract for sale of land
S2 Law of Property (Miscellaneous Provisions) Act 1989
- Be in writing
- contain all terms agreed by parties
- be signed by or on behalf of both parties
S52(1) LPA 1925
Deed is required to create or transfer a legal estate
Requirements of a deed
S1 LPMPA 1989
- Must be clear on the face if it that it’s a deed
- Signed, witnesses and delivered
When does the ownership of unregistered title pass over?
Once deed is dated, ownership of land passes and buyer becomes legal owner as soon as the money is paid and completion takes place