Estates and Interests in Land Flashcards
What are the two legal estates in land?
- Freehold
- Leasehold
What is a freehold estate (aka fee simple)?
An estate of uncertain duration
What is a leasehold estate (aka term of years)?
An estate with a fixed maximum duration
Generally, a legal interest in property can only be created how?
By deed
What are the four requirements of a valid deed?
- In writing
- Clearly intended to be a deed
- Signed in the presence of a witness
- Delivery
A deed is not needed to validly transfer property in which 3 instances?
- Assents by a PR
- Surrenders by operation of law
- Leases, tenancies, or other assurances not required by law to be in writing
When may a surrender by operation of law arise?
When a landlord and tenant demonstrate by their conduct that there is no longer a continuing lease between them
(n.b., important to remember L and T must carry out their conduct together)
What are the five categories of legal interests?
- Mortgages
- Easements
- Rentcharges
- Profit a prendres
- Right of entry
(Remember: MERRP)
What is a mortgage?
An interest that secures a loan by giving the lender the right to sell the mortgaged property if the borrower defaults
What is an easement?
A right to use a person’s land to benefit another piece of land
What is a rentcharge?
An interest requiring the landowner to make periodic payment in respect of the land to the rentcharge owner
What is a profit a prendre?
An interest enabling someone to take something from the land of another
What is the difference between a profit a prendre ‘appurtenant’ and ‘in gross’?
Appurtenant - right attached to the piece of land (e.g. to take timber or fish)
In gross - a right that exists independently to the land (in that, the owner of the profit doesn’t own land)
A profit a prendre in gross may be ___________ ___________ at HMLR with its own _____
substantively registered, title
Can profit a prendre appurtenant be registered at HMLR with its own title?
No
What is a right of entry?
A right reserved in leasehold or rentcharge contracts to enter the premises
What is meant by concurrent interests?
The concept that legal and equitable interests can exist in land at the same time
When might an equitable interest arise?
Where there’s an attempt to create a legal interest by deed, but it fails because the formalities of a deed weren’t met
For any interest in property to arise, what does the LPA 1989 require the parties to do?
Sign a written contract
Is an equitable interest binding on a bona fide purchaser for value who didn’t have notice of such interest?
No
When may a restrictive covenant be enforced in equity against a subsequent buyer?
If the subsequent buyer has notice of the covenant
When a person enters into a contract to buy land, at what point are they deemed to have an equitable interest in that land?
From the date of the contract
