Topic 2 Flashcards
What is unregistered land?
The title is not registered but there is a separate system of partial registration for other rights.
What are the similarities between the registered land and unregistered system?
they deal with the same substantive interests in land.
they share the concept of overreaching.
What are the main differences between the registered and unregistered systems?
They way people can prove their ownership of land, such as a title.
What occurs following land title becoming registered?
A buyer would look at the register in order to determine proof of the seller’s title.
What is a “transfer” document?
A document used to register a land purchaser at the Land Registry as a new owner.
What did the Land Registration Act 2002 replace?
1925 Land Registration Act
What are the three principles of Land Registration?
Mirror Principle
Curtain Principle
Insurance Principle
What is the Mirror principle?
The idea that the register reflects the ownership of a title.
Any further interests are then updated to maintain this.
What is the Curtain principle?
Overreaching interests are kept off the title.
Someone who wishes to buy land should only be concerned with the legal title.
What is the Insurance principle?
This is the guarantee that the accuracy of registered titles is backed by the state.
Money is paid to the purchaser if they suffer a loss due to mistakes from the registry.
What are the three parts of the land registry?
The property register.
The propietorship register.
The charges register.
What is the property register?
This is the description of the property (usually the postal address).
The register may include details of any benefits attached to the land.
What is the proprietorship register?
This specifies the class of title.
It contains the name and address of the owner of the land.
It also indicates if there are any restrictions on the power of the registered owner.
What is the Charges Register?
A lender can register mortgage charges created by the registered owner.
It gives notice to any other burdens that the property has.
What are some of the main events that require first registration?
- A sale of freehold land
- A grant of a lease more that 7 years.
- The appointment of a new trustee of unregistered land.
How long do you have to complete compulsory registration?
2 months following a qualifying transaction.
What is the main use for compulsory registration?
it forces all dealings under an estate to follow the LRA 2002.
Under what circumstances can voluntary registration occur?
an application can only be made if a lease has at least 7 years left to run.
What are the incentives to register under voluntary registration?
- there are reduced fees.
- claims of adverse possession are less likely to succeed.
What is adverse possession?
A person can claim ownership of land they don’t legally own fi they have occupied it openly continuously and exclusively for a statutory period.
Which property interests will have their own title number?
- the fee simple
- leases for more than 7 years.
What is the highest form of title deed?
Absolute- all terms are bound absolutely together.
What is a good leashold?
A title that is registered where the estate has not been investigated or approved by the registrar.
