2: Legal Environment Flashcards
What is a mortgage deed?
A contract between lender and borrower also called legal charge
What is commonhold ownership?
Each owner of an apartment block holds the responsibility of the lease, common areas
What are positive covenants?
Require the owner to carry out certain actions such as maintenance of specific boundaries
What are restrictive covenants?
Negative conditions that limit owner from doing certain things such as: starting a business from the land or keeping animals
What are easements?
Rights in favour of one piece of land over another, such as: right to car park
Property law in Scotland: what is the feudal system?
All lane was held by the monarch and they would impose rights in favour of others - it had restrictions on how it can be used
Property law in Scotland: Abolition of feudal tenure (Scotland) Act 2000
The feudal system was abolished by the Abolition of feudal tenure (Scotland) Act 2000
It abolished the rights of superiors rights to impose conditions to land owners
What is the matrimonial homes family protection (Scotland) Act 1981
If a person lives or lived in a property with their spouse but is NOT a joint owner, they still have rights to the property
Form of repairs notice (Scotland) regulations 2003
If landlords property was in serious disrepair or at risk of damaging another property.
The local authority can force them to undertake repairs.
What is Sequestration?
Scottish term for bankruptcy
Laws of Intestacy
If the Intestacy dies:
spouse with no kids: is sole beneficiary.
Spouse with kids: takes personal stuff + half of estate, kids take rest
No spouse: rest of immediate family
No relatives: government takes estate
Law of Intestacy in Scotland
After debts and liabilities have been met, the spouse has claim to the prior rights.
Spouse is also entitled to 1/3 of movable estate.
Heritable estate and movable estate
Scottish law differentiates:
Heritable estate: Land and buildings
Movable estate: Movable possessions
What is meant by joint tenancy
Most common type of ownership, when 2 or more people buy and own all of the property.
What is meant by tenancy in common?
Where each owner holds a share of the property separately. If one dies the share goes to their estate not to the other owners
Known as common property in Scotland
