Land Law Chapter 3 "Estates and Interests in Land"

Question	Answer
Name the 2 Legal Estates in land recognised by law	Fee Simple Absolute in Possession Term of Years Absolute s1(1) Law of Property Act 1925
Define Fee Simple Absolute in Possession	Fee = Land capable of being inherited Simple = No limitation on who can inherit Absolute = No limitation which could bring estate to an end prematurely In Possession = Holder of the estate must have the immediate right to go into possession
Define Term of Years Absolute	Another name for a lease Lease runs for fixed period either fixed-term or periodic (periodic must be terminated by notice to quit) Lease does not need to be "in possession" but must come into effect within 21 years
Name the 5 Legal Interests under s1(2) LPA 1925	Legal Easements & Profits Legal Rentcharge Charge by way of Legal Mortgage Certain charges arising under statute Rights of Entry in Legal Leases & Rentcharges
Explain the difference between Legal Estates & Interests to Equitable Interests	Legal Estates & Interests developed by Common Law and bind the world (buyer is bound regardless of whether they are aware or not) Equitable Interests developed by courts of equity. Buyer must be given notice in order to be bound
What is "Commonhold"?	Introduced to meet needs of owners of flats or apartments (or nursing homes for example) where owners are interdependent on each other. Registered as Commonhold land but the owner of each individual unit is referred to as Unit-Holder (freehold owner)

Resource summary

	Created by Gary Rowland about 8 years ago