Interests In Land Flashcards
What are the legal interests defined in s(2)?
Easements Rentcharge Legal Mortgages Other Similar Charges Rights of Entry
What is covered under equitable interests in s1(3)
All other interests
Can only exist in equity
Anything not listed in s1(1) and s1(2) are in equity under this section
What is meant by fee simple absolute in possession?
‘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’
What was stated in the Walsingham Case?
“He who has a fee simple in land has a time in land without end, or the land for time without end.”
What is a term of years absolute?
Leasehold
What is a leasehold?
For a definite amount of time
What benefits does a leasehold allow a freeholder/landlord?
An asset to gain capital value
A regular income
Ensure maintenance of the asset by or at the expense of another
What are the 2 types of obsolete legal estates?
Life Estates
Entailed Estates
What is a Life Estate?
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)
What are Entailed Estates?
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
What are the 2 types of future interests?
Reversion
Remainder
What is reversion?
A grants X a life interest, when it ends enjoyment of the land reverts back to A
What is Remainder?
X grants A a life interest, remainder to B. A dies so B receives the interest.
What is an Easement?
A right a person has over land which is not his
What is a profit a prendre?
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
How is a profit a prendre created?
Created by express grant, must be completed by registration
Can be completed by implied grant but only under necessity, common intention and s62
What is a rentcharge?
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
What impact did the Rentcharges Act 1977 have on rentcharges?
No new ones can be created and existing ones will end in 2037
What are the 2 types of legal estates defined in s(1)?
Fee simple absolute in possession
Term of years absolute
What is a legal mortgage?
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
What was said in the case of Saintly v Wilde?
“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.
What is Right of Entry?
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
What are Restrictive Covenants?
Used to maintain the character in residential areas etc
What is meant by the beneficial interest under a trust of land?
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
Whats an example of a beneficial interests under a trust of land?
Interest held on trust for a minor by trustees appointed by the appropriate individual until the age of 18
What is another situation where the creation of an equitable estate occurs?
Where the formal requirements for the creation of a legal interest has not been met.
