s29 LRA 2002 Flashcards
A purchaser of a registered estate for valuable consideration buys subject to… (1, 2a, 3a) plus statues
- Registered charges e.g. registered mortgage - s29(2)(a)(i) LRA 2002
- Interests which override the disposition - s29(2)(a)(ii) LRA 2002
a) Not on the title but binding nonetheless - Interests protected by entry on the register - s29(2)(a)(iii)
a) Already on title register when buyer buys
Where are registrable charges noted?
Charges Register
Registrable charges must be…
Registered to take effect in law, otherwise will be in equity only
Registrable charges - Not possible to create…
Legal mortgage by way of demise in registered land
Interests subject to entry on the register - notices
s32 LRA 2002
Where are notices found?
Charges Register
What interests do notices protect? (3)
Interests which aren’t capable of substantive registration
Equitable interests e.g. covenants, contracts
Legal interests which aren’t registrable interests e.g. legal easements, legal charges
Where are registrable leases noted?
On the freehold title in addition to having their own title number
Interests subject to entry on the register - restrictions
s40 LRA 2002
Where are restrictions found?
Proprietorship Register
What do restrictions prevent?
Disposals other than in accordance wit the terms of the restriction
Restrictions prevent disposals other than in accordance with the terms of the restriction (1a, 2a)
- Controlling the sale of trust property
a) To ensure overreaching takes place - Compliance with other agreements
a) E.g. no sale without consent of third party
What is overreaching?
A conveyancing device applicable where property is subject to a trust
How does overreaching work? plus statute
The interests of beneficiaries under a trust are transferred from the property to the sale proceeds - s27 LPA 1925
What does overreaching apply to?
Only applies to equitable interests held under trusts of land
To overreach, who must the purchaser pay?
2 or more trustees (all if more than 2)
Interests which override (2 statutes)
Sch 1 and 3 LRA 2002
Sch 1 LRA 2002
Interests which override a first registration
Sch 3 LRA 2002 (2)
Interests which override registered dispositions
They don’t require entry on the register to bind the purchaser
Interests which override Sch 3 Para 1 LRA 2002 (2)
Legal leases not exceeding 7 years
Not equitable leases
Sch 3 Para 1 LRA 2002 doesn’t include… (2)
- Future leases (take effect 3 months after grant)
2. Discontinuous leases - registrable
Sch 3 Para 2 LRA 2002
Interests of a person in occupation
Sch 3 Para 2 LRA Interests of a person in occupation (2)
Limited to land you are occupying
Person must be in actual occupation
Sch 3 Para 2 LRA 2002 cannot be claimed if… (3)
Occupier didn’t disclose interest when asked by purchaser
Occupation wasn’t obvious under reasonable inspection of the land
Purchaser didn’t know of the interest
Sch 3 Para 3 LRA 2002
Legal easements and legal profits a prendre which haven’t been expressly granted
Sch 3 Para 3 LRA 2002 doesn’t include
Legal easements and legal profits that have been granted expressly i.e. by deed as these must be registered
Doesn’t include equitable easements and profits
Interests which override (3) plus statutes
Sch 3 LRA 2002
Para 1 - Legal leases not exceeding 7 years
Para 2 - Interests of a person in occupation
Para 3 - Legal easements and legal profits a prendre which haven’t been expressly granted
