Definitions and Basics Flashcards
What is real property concerned with?
Rights, interests and obligations which can exist over land
What are the different states of rights and duties?
Created, enforced, assigned, extinguished
What is a leasehold interest?
landlord tenant relationship
Is a leasehold interest realty or personalty?
Personalty in law, but they are also recognised as interests in land, so they’re called chattels real
Where is Land defined in statute?
Law of Property Act 1925
What’s an example of a corporeal hereditament?
Physical items like land, buildings, minerals
What’s an example of incorporeal hereditament?
Rights and interests like easements, rent, covenants
If you have an easement over land belonging to another, what’s another term for that?
A right or interest in the land
Does a beneficiary of a trust of land have an interest in the land?
Yes, although it may not be a legal interest. It is equitable.
Rights are recognized…
At law
Interests are recognized…
In equity
Chattel is otherwise known as…
Personal property
If an item is attached to the land, prima facie it’s…
A fixture
What are the two factors for determining fixture vs chattel
(1) Degree of annexation (2) Purpose of annexation
All freehold land in England and Wales is said to be held directly of the Crown in …
Socage tenure
What are the two legal estates?
(1) Fee simple (freehold) and (2) Term of years absolute (leasehold)
Why was the concept of commonhold land introduced?
To better understand/support blocks of flats/interdependent properties
Land rights can be both…
tangible and intangible
What is an interest in land law?
A right exercised in relation to the land belonging to another
What are examples of legal interests?
Legal easement, mortgage
What are examples of equitable interests?
Interests arising under a trust, interests under contracts to create/transfer legal estates or interests (like when you buy a home and you have equitable interest in the home before legal interest catches up)
What’s the term for a fee simple estate
Perpetual in principle
If a person dies intestate, without next of kin, who inherits their property
The Crown
Is a lease a property right?
Yes
What are the two types of leases?
Fixed term and periodic tenancies
Can you create a lease for an indefinite period of time?
No, BUT you can set forfeiture clause which can allow you to break the lease before the term’s end
What’s a periodic tenancy?
Lease for one period, which extends automatically until landlord or tenant gives notice
In a mortgage, the role of the bank is as…
Mortgagee (bank lends the money, fee simple owner grants the mortgage)
What’s a restrictive covenant?
Promise by one landowner in favour of a neighbouring landowner that they won’t do something on their land.
In a restrictive covenant or easement, what are the roles?
Land restricted is servient (for easements, also appurtenant), land benefitted is dominant
What is an easement?
A right of one landowner to make use of another nearby piece of land for the benefit of his own land
What is a profit?
A right to go on someone else’s land and remove from that land something that exists there naturally, like minerals, or hunting
Is a profit dominant or servient?
Frequently appears in gross/separate right not attached to dominant land
What did the Family Law Act 1996 introduce?
If a couple is ceremonially or civilly married, and one spouse has sole title to the home, the other spouse has statutory right to occupy the home (home rights)
If a married couple buys a home together, what’s going on in that situation?
Both partners have home rights, and they both have a constructive trust interest in the home provided they made a substantial financial contribution
How is an option different from a right of first refusal?
An option is a valuable right provided in exchange for consideration; a right of first refusal is just an opportunity to refuse something
What are the two systems of conveyancing?
Unregistered and registered
What’s unregistered conveyancing?
Title to land is provided by deeds
What’s the downside of unregistered conveyancing?
Third party rights or interests aren’t conclusive through deed (they’re not legal interests)
If you have a 3P interest in an unregistered conveyance, what do you do?
Register through public notice
If you fail to register a 3P interest in an unregistered conveyance, what happens
Even if purchaser knows about the interest, the interest won’t be enforceable
What is registered conveyancing?
Whole title to the land, incl most 3P interests, is registered (now compulsory for new purchases)
What are the two stages in conveyance?
(1) Exchange of contracts (equitable interest) (2) Completion (legal interest)
What’s the only contract that must be made in writing?
Sale of land! LPMPA
Any interest that isn’t one of the 5 legal interests is at best…
Equitable
What’s the maximum number of trustees of the legal estate?
Four
Is there a limit to the number of beneficial owners of land?
No
What are the two forms of co-ownership?
Joint tenancy and tenancy in common
What is the co-ownership status of legal estate?
ALWAYS joint tenancy