UR 1925 Estates and legal interests Flashcards
1(1) LPA 1925
The only estates that can exist are an estate in fee simple absolute and a term of years absolute.
1(2) LPA 1925
The only interests or charges that can exist are:
a. An easement, right or privilege in or over land for an interest equal to an estate in fee simple or absolute of years;
b. A rentcharge in possession issuing out of or charged on land being either perpetual or for a term of years absolute;
c. A charge by way of legal mortgage;
d. … and any other similar charge on land which is not created by an instrument;
e. Rights of entry exercisable over or in respect of a legal term of years absolute, or annexed, for any purpose, to a legal rentcharge
1(3) LPA 1925
All other estates, interests, and charges in or over land take effect as equitable interests.
205(1)(xxvii) LPA 1925
A statutory definition of a term of years absolute. Simply put, its a lease. Leases come in two forms: fixed term and periodic tenancies. All forms of lease are technically terms of years absolute.
1(1)(a) LPA 1925
An estate in fee simple absolute possession
1(1)(b) LPA 1925
A term of years absolute
s205(1)(xix) LPA 1925
States that for the purposes of the 1925 act, ‘“Possession” includes receipt of rents and profits or the right to revive the same if any; …’
What are the two legal modified fee simple estates?
Statutory determinable fees simple and Fees simple subject to a right of entry.
7(1) LPA 1925
Allows the existence of statutory determinable fees simple estates.
Two scenarios where a right of entry attached to a fee simple may exist
- Where there is a fee simple upon conditional subsequent.
- Where land has been conveyed in return for a rentcharge, and a right of entry for non-payment of that rentcharge has been imposed.
7(1) LPAA 1926
Allows the existence of fees simple subject to a right of entry.
Nota bene this was made retrospectively to 1 January 1926 because parl fucked it.
(a) Easements and Profits
Provided that the EorP is attached to a legal title, it shall be considered a legal interest. EXCEPT if it is granted for LIFE. Then it shall be an equitable interest.
(b) Rentcharges
A rentcharge which in its duration is either ‘perpetual’ or for a ‘term of years absolute’ is capable of being a legal interest. A for the duration of life, is to be regarded as equitable.
The Rentcharges Act 1977
Bans the creation of new rentcharges.
Existing rentchages may only last for an additional 60 years from the point of royal assent.
All rentcharges will expire in 2037.
(c) A charge by way of legal mortgage
Basically a mortgage, must be several million in existence today.