Formalities Flashcards
What are the requirements for a valid contract for sale
Writing, incorporating all the terms (inc by reference). S2 LPMPA 1989
A case which shows that valid contracts are specifically enforceable
Walsh v Lonsdale
A case that shows that following conveyance it doesn’t matter whether the contract was valid
Tootal Clothing v Guinea Properties
What are the requirements for transfer of a legal estate
Must be by deed S52 LPA 1925 AND must be registered S7 LRA 2002
Legal estates which need not be registered
Leases under 7 years (Sch3 LRA 2002). Leases less than 3 years with immediate possession and at the best available rent need no writing S54(2) LPA 1925
Case which illustrates best rent available
Fitzkriston v Panayi: Full market rate. Lower rent renders lease equitable only.
2 tenets underlying law of property
Nemo dat quod non habet. Legal interests bind the world
Where is overreaching in the statutres
Ss 2 and 27 LPA 1925
What is overreaching
Capital monies must be paid to 2 or more trustees. Interest in land converted to interest in money
A case where there was actual occupation and disposition was by 1 trustee only so overreaching did not occur
Williams & Glyns Bank v Boland
A case where money was paid to 2 or more trustees so overreaching occured
Flegg
How are minor interests protected
Notice / registration
Overriding interests protectable?
Cannot be registered, protected by Sch 3 LRA 2002
Basic rule
S28 - first in time prevails
Exception
S29 - Valuable consideration POSTPONES unregistered and non-overriding interests
