Estates and Interests Flashcards
What is the definition of land under section 205 (1) (ix) of the Law of Property Act 1925?
Land includes the surface, subsoil, and airspace above the land, as well as mines and minerals whether held apart from the surface.
What is the principle of ‘cuius est solum eius est usque ad coelum et ad inferos’?
It means “he who owns the land owns everything reaching up to the very heavens and down to the very depths of the earth.”
How does the Civil Aviation Act 1982, Section 76 (1), impact land ownership?
It provides that no action shall lie in respect of trespass or nuisance by reason only of the flight of an aircraft over any property at a height above the ground which is reasonable given the circumstances.
What are corporeal hereditaments?
These are physical objects attached to the land, such as buildings and trees.
What are incorporeal hereditaments?
These are intangible rights over land, such as easements and profits a prendre.
What is a freehold estate?
A freehold estate, also known as an estate in fee simple absolute in possession, grants indefinite ownership rights over the land.
What is a leasehold estate?
A leasehold estate, known as a term of years absolute, grants time-limited and restricted ownership rights over the land.
What are the two types of legal estates in land recognized by the Law of Property Act 1925, section 1(1)?
(a) An estate in fee simple absolute in possession and (b) a term of years absolute.
What are some examples of legal interests in land under the Law of Property Act 1925, section 1(2)?
Easements, profits a prendre, rentcharges, legal mortgages, and rights of entry.
What is an easement?
An easement is a right attached to a piece of land that allows the landowner to use a neighbor’s land in a certain way, such as a right of way.
What is a legal mortgage?
A legal mortgage is a security interest in land granted to a lender in exchange for a loan, with the land serving as collateral.
What distinguishes legal interests from equitable interests in land?
Legal interests are recognized by common law and are binding on the world, whereas equitable interests are recognized by equity and are subject to the doctrine of notice.
What is a beneficial interest under a trust?
A beneficial interest is an equitable interest where the legal owner holds the land on trust for the benefit of another person.
What are some examples of equitable interests in land?
Restrictive covenants, equitable easements, options to purchase, and beneficial interests under a trust.
What is the doctrine of notice in relation to equitable interests?
Equitable interests are subject to the doctrine of notice, meaning they generally bind all parties except a “bona fide purchaser for value of a legal estate without notice.”