Estates and TPIs: Formalities Flashcards
What are the only two types of estates in land recognized by s 1(1) of the Law of Property Act 1925 (LPA 1925)?
The only two types of estates in land capable of being legally recognized are:
1. An estate in fee simple absolute in possession (Freehold).
2. A term of years absolute (Leasehold).
What are the key characteristics of a freehold estate as defined by LPA 1925?
A freehold estate, or estate in fee simple absolute in possession, is characterized by being
1. inheritable,
2. capable of lasting forever (perpetual),
3. not conditional or limited, and
4. confers outright ownership of the land at the current time.
It reverts to the Crown upon death intestate with no heirs.
What defines a leasehold estate according to LPA 1925?
A leasehold estate is
1. of limited duration,
2. grants exclusive possession
3. for a fixed and certain period, and
4. its interest may be sold, given away, or inherited.
It requires the lease to be for a term certain, at the best rent obtainable without a fine, and must take effect in possession immediately.
Which two legal interests in land are most important under s 1(2) of LPA 1925?
The two most important legal interests in land are
1. easements (rights or privileges over land) and
2. legal mortgages (interests given as security for a loan).
What are the formalities required for creating legal estates and interests in land under the LPA 1925 and 1989?
Legal estates and interests require a deed, as stipulated by s 52 LPA 1925.
However, certain transactions, like short leases, may not require a deed as per s 54 LPA 1925.
Post-1990, a deed must be clear, signed, witnessed, and delivered as defined by s 1 of the the Law of Property (Miscellaneous Provisions) Act 1989.
What are the formalities for the disposition of legal estates and interests in land?
Dispositions of legal estates and interests in land require a deed under s 52 LPA 1925.
However, the sale of a short-term lease originally granted for up to three years must also be effected by deed for it to be valid, despite the original creation possibly not requiring one.
How does the transfer of ownership in land become effective?
For registered titles, the transfer becomes effective when the purchaser’s name is entered in the register as the new proprietor.
For unregistered titles, a deed called a ‘conveyance’ is used to transfer ownership.
What is the effect of creating interests in land by parol under s 54 of the Law of Property Act 1925?
Interests in land created by parol and not put in writing are considered interests at will only, except for leases taking effect in possession for a term not exceeding three years at the best rent obtainable without a fine.
What are the requirements for a valid deed under the Law of Property (Miscellaneous Provisions) Act 1989, s 1?
A valid deed must be clear on its face that it’s intended to be a deed, validly executed by the maker or an authorized person, signed in the presence of a witness (or two), and delivered as a deed
What is the exceptions to the requirement for a deed under s 52 of the Law of Property Act 1925?
Exceptions include leases not required by law to be made in writing and parol leases taking effect in possession for a term not exceeding three years at the best rent without a fine (s 54 LPA 1925).
What formalities are required for disposing of an existing legal estate or interest in land?
Dispositions of legal estates and interests in land, such as sales or gifts, require a deed as per s 52 of the Law of Property Act 1925.
What is required to create an express trust of land?
An express trust over land must be evidenced in writing and signed, according to s 53(1)(b) of the Law of Property Act 1925.
How are implied trusts formed, and what formalities do they require?
Implied trusts arise automatically from the actions of the property owner, such as non-gift financial contributions to property purchases, and require no formalities, as per s 53(2) LPA 1925.
What formalities govern contracts for the sale of land made after September 27, 1989?
Post-1989, contracts for the sale or other disposition of an interest in land must be made in writing, with all terms expressly agreed upon in one document or by exchange, and signed by each party, as stated in s 2 of the Law of Property (Miscellaneous Provisions) Act 1989.
What are the formalities for creating non-trust equitable interests in land?
Non-trust equitable interests, like easements and restrictive covenants not contained in deeds, require signed writing for their creation, according to s 53(1)(a) of the Law of Property Act 1925.
