Registration of Property Rights Flashcards
(64 cards)
first type of registration system
merchant shipping- established by the Navigation Act 1960
what is the second type of registration system
Intellectual Property Rights (intangible property)
what requires a specific registration system
tangible personal property:
cars- DVLA gives a document to show who is responsible for the vehicle
pets- registration is not proof of ownership
reasons for registration of title to land
- could be an extensive ‘bundle of rights’ so investigation before purchase could be difficult
- registration system means a purchaser can consult the register to find out about the title and land
- transactions can be quick
what are the three principles of land registration
mirror principle
insurance principle
curtain principle
mirror principle
the register should reflect the totality of the rights and interests concerning a title of registered land
insurance principle
the accuracy of the register is guaranteed by the state and any inaccuracies will be altered or rectified and and person adversely affected will be compensated
curtain principle
the purchaser of land need not be concerned with interests that do not appear on the register
how does the Land Registration Act 2002
3 registers
what are the three registers
property register
proprietorship register
charges register
property register
shows what you are buying- describes land and estate comprised in the title and refers to a plan of the land
proprietorship register
tells you who the owner is and whether they can sell to you- specifies the class of title and identifies the owner
charges register
tells you about the rights in the home that will affect you after your purchase and contains any charges and other interests that affect the land
what section is the property register
s. 2 LRA 2002
what does the property register set out
estates and interests which are subject to substantive registration to their title numbers:
legal freeholds and legal leaseholds
what may be registered on the property register
legal freeholds/leaseholds if ‘granted a term of which more than seven years are unexpired’ s. 3(3)
what must be registered on the property register
legal freeholds/leaseholds on any transfer or grant of a leasehold for ‘more than seven years from the date of the grant’ s. 1(1)(c)(i)
s. 23(1)
sets out owners powers
s. 24
a person is entitled to exercise owners powers if he is the registered proprietor or entitled to be registered
s. 58(1)
gives title by virtue of registration as proprietor
s. 40
there are restrictions on dealings- a register entry regulating how changes can be made to the register
what is a notice
it protects the priority of a third party interest in registered land and appears on the charge register
s. 32
registerable interests in land can be entered on the register using a notice
what is on the charge register
entries that are made against a substantively registered title and they aren’t allocated a title number
e.g./ legal mortgages and charges, restrictive covenants and express legal easements