What Formalities Are Required - Creation And Transfer If Legal Eststes And Interests Flashcards
How does the land owner prove that they own land?
They will either:
- Produce a deed or set of deeds establishing ownership of the land is unregistered
- Give details showing the land is registered at the land registry in the form of an official copy of the land register.
How are contracts in relation to the creation or transfer of an interest in land governed?
s2 Law of property (miscellaneous provisions) act 1989
What makes a contract valid?
Contracts must be in writing, incorporate all the terms which the parties have expressly agreed in one document and it must be signed by or on behalf of both buyer and seller
After exchange of contracts, what type of interest has a buyer acquired?
A beneficial interest
What should a buyer do upon exchange of contracts and how they do this?
A buyer should protect the fabric of the building and land in which they now have an interest, The other concerns protection of the equitable interest itself.
1) building insurance should be taken out from the date of exchange of contracts.
2) Estate contracts, being an equitable interest, will not bind third parties unless certain procedures are followed by the buyer.
In registered land, a notice on the register will protect an estate contract. In unregistered land, an estate contract will be protected by a Class C(iv) land charge.
When can completion to take place?
Completion will occur after exchange. It usually takes no longer than 28 days, although it is possible for exchange and completion to be on the same day.
By virtue of s52 law of property act 1925 how must completion to take place?
By deed
There are some exceptions for conveyance to be by deed. What are they? Give details of the statute law.
- Under s54(2) law of property act 1925 – lease for three years or less
- s53(1) law of property act 1925 - equitable interests
What is the deed?
The deed is a formal document required when transferring legal title to land
What are the requirements for a deed and how are they governed?
The requirements for the creation of a valid deed are governed by S1 law of property (miscellaneous provisions) act 1989.
A valid deed must be in writing, make it clear on its face that it is intended to be The deed and be validly executed as a deed by the parties to it. In order for deed to be validly executed it must be signed, witnessed and delivered
In registered land, when does the buyer become a legal owner of the property?
The buyer becomes a legal owner only when the transfer has been registered at the land registry
In registered land, what is the gap between moving in property and becoming the legal owner called?
Registration gap
In unregistered land, when must first registration occur?
First registration must occur within two months of the completion date
