Estates in Land Flashcards
What is a proprietary right of possession called?
An estate in land.
What are the two recognised legal estates?
Freehold and leasehold.
What is the highest possible estate in land?
Fee simple absolute in possession.
How long does the freehold estate last for?
This is a right to possession which lasts until the owner for the time being dies without heirs, meaning without any blood relatives and without having disposed of it by will.
What does fee' simple’ absolute' in possession’ stand for?
The word `fee’ denotes it is capable of being inherited.
The word `simple’ means that it can be inherited by any heir and includes distant relatives.
The word `absolute’ signifies that the estate is not liable to end prematurely, which means it is not determinable or subject to a condition.
`In possession’ denotes that the fee simple owner has a current right to use and enjoyment of the property. Physical possession is not necessary here and includes receiving rent if the property is let to a tenant under a lease.
What happens if a freehold owner dies without a next of kin or will?
In practice, if the current owner dies without next of kind and without a will, the land is regarded as bona vacantia and the estate reverts to the Crown.
What is a term of years absolute?
Where a freehold owner grants a lesser estate, which is of a certain duration, the estate granted is a leasehold.
What is freehold reversion?
The residue of the estate after the granting of a lease is known as the freehold reversion. This means that when the lease ends the right to physical possession of the land automatically reverts to the landlord.
What is a commonhold?
Commonhold is a type of freehold introduced by the Commonhold and Leasehold Reform Act 2002.
It is an alternative to a long lease, which is a declining asset. Another advantage is that there is no overall landlord. However, there is a freehold owner, and that is a company called a commonhold association. The owner of each flat is a member of the association. The commonhold association is responsible for maintaining the communal areas of the building.
