Unit 1- Acquisition and Ownership of land Flashcards
(38 cards)
What is an Estate in Land?
An interest in land that entitles the the owner to possession of the land either now, or at some point in the future, for a specific or unlimited duration.
What are the two types of estates in land?
Freehold and Leasehold
What is an interest in land?
Lesser rights over the land which falls short of granting possession. There are generally rights which someone has over the land of someone else.
Two types of interest: Legal rights and equitable rights.
What describes the main interests in land that are capable of being legal?
Mortgages, Easements, Leases
What describes the main interests in land that are only capable of being equitable?
Freehold covenants, estate contracts, matrimonial home right, beneficial interest being under a trust of land
What is a lease?
A lease is capable of being a legal equity in land, or an equitable interest. A lease allows multiple parties to exploit the benefits of owning an estate in land simultaneously.
How does a lease differ from a licence?
A lease is a proprietary interest in land, granting the owner the right to exclude all others, including the landlord, from the land for the duration of the term.
What is a proprietary interest?
A proprietary interest refers to the legally enforceable right to possess or use property, which falls short of granting possession (tenants lease for a house)
What is a licence?
Only gives the licensee personal permission to be on the land. It is not a proprietary interest, so will not bind 3rd parties, and can only be enforced against the original licensor.
What are the three requirements for a lease?
Certainty of terms: the beginning and end dates of the lease are known. There are two types:
- Fixed term: The maximum duration is known from the outset. A certain date must be known, and the lease must be expressly created. It can only come to an end if the term expires, a clause is broken or the lease is forfeited.
- Periodic Term: Where the duration of the lease runs in periods which are automatically renewed unless either party serves a notice to quit. It may be expressly created or implied by payment.
How is the term of the period set?
Set by how the rent is calculated e.g., a tenancy paid for quarterly but calculated annually is a yearly tenancy. Notice must be given at lease one full period in advance- 6 months for yearly or at least 4 weeks for less than a month.
What is exclusive possession?
The tenant has the legal right to exclude anyone from the property, including the landlord.
N.b. where an employee is required to live in a place to do a job, that does not count as a tenancy, even if they pay rent.
Burden of proof on the tenant claimant to show they had the power to exclude all others from the property.
How can multiple occupants have the right to exclusive possession?
They must all have: (AG Securities v Vaughan)
*Possession
*Interest
*Time
*Title
What is land?
Land includes the physical land, buildings and fixtures (corporeal) and rights over the land (incorporeal)
Land also includes the air above the land, subject to some exceptions
What happens when things are found on the land?
When an object is found, stage one is to determine if the ‘true’ owner can be found. - property is not abandoned merely because it is forgotten about.
*If the object is defined as a treasure, then it belongs to the crown.
*If the object is not a treasure but is attached to the land or is under the surface, it is a part of the land and can be claimed by the land owner.
*When the original owner cannot be traced, property is not treasure and it is not attached to the land, it can be claimed by the finder unless expressly stated by the landlord (signs) or there is an employer/employee relationship.
*Private occupiers usually own thins on their land if the original owner cannot be found.
What is a fixture?
Anything attached to the land is part of the land- a fixture
What is a chattel?
Goods that are not fixtures or otherwise part of the land e.g. are freestanding.
What are the two tests for determining if something is a fixture?
- The degree of annexation test- creates a presumption that if something is fixed to a building, it is a fixture. If it is movable or resting on its own weight, then it is a chattel.
- The purpose of the annexation- asks whether the chattel was put there to make the use of the property more convenient, or was it put there to improve the property- used to rebut the presumption in the degree test.
Anything that is a fixture on the date of the sale or mortgage is part of the sold/mortgaged property, so cannot be removed without express permission.
What is the process of transferring land called?
Conveyancing
When does an agreement between seller and buyer become legally binding?
When they have signed the contract. Before it has been signed, either party can withdraw from the agreement.
What might a new owner be interested in knowing?
if there are any third party rights over the property, if there are any restrictive covenants, if it requires planning permission,
Once the contracts have been signed and exchanged, what happens?
The parties are contractually bound to one another. Failing to comply with the terms of the contract will be a breach.
Upon the signing of the contract, does the property instantly pass to the buyer?
No. The contract states that the buyer agrees to buy the property on the ‘date of completion’. This is usually 4 weeks after the contract has been signed. Property doesn’t pass until the completion of the transaction.
What is a deed?
In common law, a deed is any legal instrument in writing which passes, affirms or confirms an interest, right, or property and that is signed, attested, delivered, and in some jurisdictions, sealed.
