Property law Flashcards
What is an estate?
All land belongs to the Crown. A subject is allowed only to use the land by either an estate in free simple absolut possession (freehold) or by a term of years absolute (leasehold estate)
What is an interest in regards to land?
Less extensive rights than estate and include rights such as mortgages, easements, covenants and profits. These interests to not generally give the right of possession of the land and never to the exclusive possession of it. Only estates in land give exclusive possession to it.
Explain Possession
There are three related and overlapping but not identical legal concepts: possession, right of possession and ownership. possession is itself a property right. The owner of a property has the right of possession and may assign that right wholly or partially to another. Receiving rent or the right to receive rent is deemed possession in LPA and the owner would still be in possession even if the flat was rented out.
What is a rent charge?
A rentcharge is an annual sum paid by a freehold homeowner to a third party who normally has no other interest in the property. A rentcharge can also be referred to as a ‘chief rent’. Once it’s imposed, a rentcharge continues to bind all the land even if it’s later divided and sold off in plots. Note that this is not the same as covenant, which cannot be in gross.
What is profit-à-prendre?
Not defined in law, but is similar to easement. It allows the dominant owner to enter the servient land in order to take something. Hunting, fishing and grazing rights are obvious examples. Can exist at law if profit is granted for term in fee simple or for term of absolute years. Can exist in gross. The right may also exist by prescription. If the rights is not registered, it will nevertheless override if the buyer knows or should have known by way of careful inspection or if the rights has been exercised within 1 year of disposition.
What is the difference between legal title and equitable title?
In real estate law, “equitable title” refers to a person’s right to obtain full ownership of a property or property interest. This is often contrasted with or used in conjunction with the term “legal title.” Legal title is the actual ownership of the land. A person with legal title to land has the right to transfer ownership of the property to another party.
In comparison, equitable title often relates to a person’s financial interest in the property. Thus, a person can have equitable title to a property that they have invested in, while another party holds legal title. In order to understand this interaction more, it may be necessary to examine some examples involving equitable and legal title.
Example is in a trust where the trustees have the legal title to the property, but the beneficiaries have the equitable title to it.
Which form should you request when wanting to know if land is registered?
Lodge a SIM to get the title number of the land and a OC1 to obtain official copies of the registry
what is the K15 and k16 form?
K15 - Application for an official search
k16- application for an official search (bankruptcy only)
They are only used for unregistered land.
