Interests In Land

Question 1

What are the legal interests defined in s(2)?

Answer 1

Easements
Rentcharge 
Legal Mortgages
Other Similar Charges
Rights of Entry

Question 2

What is covered under equitable interests in s1(3)

Answer 2

All other interests
Can only exist in equity
Anything not listed in s1(1) and s1(2) are in equity under this section

Question 3

What is meant by fee simple absolute in possession?

Answer 3

‘Inheritable interest’ ‘by general heirs’ ‘interest not subject to anything else’ ‘interest being current person is living there or in receipt of rents of profits’

Question 4

What was stated in the Walsingham Case?

Answer 4

“He who has a fee simple in land has a time in land without end, or the land for time without end.”

Question 5

What is a term of years absolute?

Answer 5

Leasehold

Question 6

What is a leasehold?

Answer 6

For a definite amount of time

Question 7

What benefits does a leasehold allow a freeholder/landlord?

Answer 7

An asset to gain capital value
A regular income
Ensure maintenance of the asset by or at the expense of another

Question 8

What are the 2 types of obsolete legal estates?

Answer 8

Life Estates

Entailed Estates

Question 9

What is a Life Estate?

Answer 9

Not legal because they are not absolute

Certain the end on the death of the tenant or another named in the agreement (pur autre vie)

Question 10

What are Entailed Estates?

Answer 10

Fee tail - limited to certain heirs (only male relatives)

No new estates may be created since the Trusts of Land and Appointment of Trustees Act 1996

Question 11

What are the 2 types of future interests?

Answer 11

Reversion

Remainder

Question 12

What is reversion?

Answer 12

A grants X a life interest, when it ends enjoyment of the land reverts back to A

Question 13

What is Remainder?

Answer 13

X grants A a life interest, remainder to B. A dies so B receives the interest.

Question 14

What is an Easement?

Answer 14

A right a person has over land which is not his

Question 15

What is a profit a prendre?

Answer 15

Entitles the owner to take something from another persons land. (Take wood, fish etc)
Can be enjoyed in conjunction with others so not exclusive
Can rank as an overriding interest

Question 16

How is a profit a prendre created?

Answer 16

Created by express grant, must be completed by registration

Can be completed by implied grant but only under necessity, common intention and s62

Question 17

What is a rentcharge?

Answer 17

When a landowner sells land for a lumpsum and charged land with a periodic sum
New owner must pay the sum or the holder has a right of way over the property

Question 18

What impact did the Rentcharges Act 1977 have on rentcharges?

Answer 18

No new ones can be created and existing ones will end in 2037

Question 19

What are the 2 types of legal estates defined in s(1)?

Answer 19

Fee simple absolute in possession

Term of years absolute

Question 20

What is a legal mortgage?

Answer 20

Where the mortgager (landowner) grants a mortgage to the mortgagee (lender) by creating a legal charge over his land to act as security for the loan

Question 21

What was said in the case of Saintly v Wilde?

Answer 21

“A mortgage is a conveyance of land or an assignment of chapels as a security for the payment of a debt or the discharge of some other form of obligation for which its given.

Question 22

What is Right of Entry?

Answer 22

Term of years absolute must be legal for the entry to be legal.
The right of the landlord to forfeit the lease for failure to observe the terms of the lease

Question 23

What are Restrictive Covenants?

Answer 23

Used to maintain the character in residential areas etc

Question 24

What is meant by the beneficial interest under a trust of land?

Answer 24

Interest of land held by the trustees for the benefit of the beneficiaries, who hold the equitable estate.
Beneficiaries have the right to enjoy the land

Question 25

Whats an example of a beneficial interests under a trust of land?

Answer 25

Interest held on trust for a minor by trustees appointed by the appropriate individual until the age of 18

Question 26

What is another situation where the creation of an equitable estate occurs?

Answer 26

Where the formal requirements for the creation of a legal interest has not been met.