Last bits Flashcards
How is the absolute right to land still limited?
(5 limits)
- Only ordinary use and enjoyment of the land
- Does not include wild animals
- Crown owns gold etc
- Does not include mining/oil/gas
- Need a licence to draw water from your land
Define freehold title
Fee simple asbolute in possession
Define leashold title
term of years absolute
What are the requirements for the creation of commonhold land?
- Registered as Freehold Estate in Commonhold Land
- Need a memorandum re the association (company limited by guarantee) setting out functions
- Need a Commonhold Community Statement which sets out rights and duties of association + members
What is a Commonhold?
It is like a leasehold - management company manages the lot.
BUT it’s run by an association - company limited by guarantee.
What is an estate rentcharge?
Used by property developers to fund and maintain common areas.
When will equitable mortgage NOT be enforceable?
When it’s not in writing. Mere deposit of title deeds WONT DO.
In what 4 circs is a deed NOT required for the valid transfer of property?
- Assent
- surrender - if conduct is sufficient
- leases - generally do not require writing (I assume if less than 7 years)
- disclaimer under the Insolvency act
What is the effect of registration of a land charge?
It consitutes actual notice - therefore binding on any buyer
When should buyer do a full land charges search?
Pre-completion
When will buyer take land free from equitable interest?
- bone fide (good faith)
- purchaser for value (i.e. not gift/assent)
- acquired legal estate/interest
- had no notice (actual, imputed or constructive)
What happens when squater has successfully exclusive possessed unregistered land for 12 years
Then the legal owner hold it on trust for the squatter until they registered.
How long after a triggering event must unregistered land be registered?
2 months
What happens to unregistered leases and mortgages?
They become contracts for valuable consideration. Title reverts back to the seller who hold it on bare trust for the beneficiaries.
Can extension for registration be granted?
Yes in exceptional circs - If good reason to do so.
What is the Title Information Document?
Updated copy of the register which reflects recent dispositions.
When can possessory title be upgraded? What is the process called?
After 12 years
Curative effect of registration - can get freehold - fee simple absolute