Esaay Plan for third party

Question 1

Third party interest

Answer 1

1. Type of third party interest
2. Capable of being legal?
3. Formalities required
4. Legal, equitable or statutory?
5. Enforceability

Question 2

Type of third party interest

Answer 2

1. FLA Home Right
2. Lease
3. Easement
4. Option
5. Covenant

Question 3

Capable of being legal?

Answer 3

• A lease is capable of being legal
  S1(1) LPA 1925
• only easements, leases and mortgages are capable of being legal
• easement can be legal only if it complies with s1(2) LPA 1925 (must be granted for a term equivalent to a freehold or leasehold)

Question 4

Formalities required for a lease

Answer 4

Must be created by deed s.52 LPA 1925

S1 LP(MP)A 1989 = requirements for a deed

Question 5

Formalities required for a restrictive covenant

Answer 5

Equitable interests must be created by a minimum of signed writing

S53 LPA 1925

Question 6

Formalities required for an option/estate contract

Answer 6

S2 LP(MP)A

Option must be in writing, signed by both parties and containing all agreed terms

Question 7

Formalities required for a FLA Right

Answer 7

None if the conditions are met for a right to occupy

• claimant must be spouse of civil partner of a legal owner
• property must be intended to be matrimonial/CP home