Unit 1.2 Flashcards
Before what year do the rules regarding unregistered land apply?
1925
Define equity’s darling
Bona fide purchaser of the legal estate for value without notice
Bona fide- in good faith
Legal estate
For value- consideration
Without notice- hard to prove, constructive, actual, imputed
What is overreaching?
Where there is a trust interest, buyer can pay purchase price to trustees (as long as there are more than two in number) in order to extinguish third party right
What are the formalities required for a legal interest?
Deed (s52 LPA 1925), validly executed (s1 LP(MP)A 1989)
What is the exception to the need for a deed as a legal formality?
Parol lease (s54 LPA 1952)
- Not exceeding three years
- In possession (effective immediately)
- At market rate
What are the formalities required for an equitable interest?
Signed in writing as a minimum (s53(1)(a) LPA 1925)
Estate contract- in writing, contain all agreed terms in the document and be signed by all of the parties (s2 LP(MP)A 1989)
No formalities for creating an implied trust (s53(2) LPA 1925)
What are the formalities required for home rights?
s30 Family Law Act 1993
- Still in a civil partnership/ married
- Matrimonial home (is/ was/ intended to be)
- Claimant must not be legal owner
When claiming a home right, what other right must you consider?
Right under implied trust
- Through house contributions etc
What statute governs enforceability in the unregistered system?
Land Charges Act 1972
Unless the question states otherwise, assuming you are dealing with…
… The Registered system
When must third party rights capable of registration be registered by?
On the Land Charges Register by date of completion of sale (s4 LCA 1972)
What rights are capable of being registered on LCR?
Estate contract- Class Civ
Restrictive covenant- Class Dii
Equitable Easement- Class Diii
FLA Home Right- Class F
What is required to transfer freehold unregistered land?
Deeds of ownership from last 15 years
Who is bound by legal interests?
Legal interests bind the world
Who is bound by equitable interests?
Everyone
What are the exceptions to being bound by equitable interests?
Equity’s Darling
Overreaching
Can overreaching happen with only one trustee?
No.
Ask them to appoint another trustee. If this is not possible then bound unless equity’s darling
