Land Registration Act 2002 Flashcards
What is the main principle of LRA 2002
To ensure certainty to the title and to simplify dealings with the property.
More comprehensive and that most relevant information about title is set out in register.
3 main principles of LRA 2002
Mirror Principle - True reflection of register
Curtain Principle - Hide any interest under a trust
Insurance Principle - Provide compensation for any loss suffered from inaccuracy of title
Types of interest in land in registered land
Substantive interests protected by entry on title
Interests which are overriding - Schs 1 and 3 LRA 2002
Types of substantive interests
Fee simple absolute in possession
Leases for more than 7 years
Profits a prendre
Franchises under LRA 2002
How else can an interest be protected on the register?
Restriction
Notice - unilateral or agreed
Why must an interest be registered?
An interest must be registered in order to bind a third party.
What is an interest which overrides?
A right which is not registerable and cannot be protected by a notice or restriction.
A purchaser is bound by these.
Considered a ‘crack’ in the mirror principle.
Types of overriding interest
Actual occupation
Leases for less than 7 years
Legal easements
All these should be obvious from careful inspection of the property - ask question
Grades of title
Title absolute - best and most common - title is safe
Good leasehold - landlords title has not yet been registered
Possessory - based on adverse possession - title deeds not available
Qualified - defect in title - shows issue with registered title system
Importance of Schs 4 and 8 LRA 2002 when indicating registration system not reliable or accurate
Sch 4 - Provides for the rectification and alteration of the title. Don’t know until someone finds mistake.
Sch 8 - Provision for payment of an indemnity where a person suffers loss as a result of rectification, error or omission has occurred.
Not 100% accurate - not true reflection
Name a case where Land Registry made payment of indemnity
Swift 1st Limited v Chief Land Registrar [2015]
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