Land law

what are the two different types of property?

land and personal property

Land is often described as real property- the physical terrain of a plot of land, permanent structures built on the land: houses, shops, offices etc, within some limits, the ground underneath the surface, and the airspace above

Personal property- any property that is not land, physical items, intangible property, shares in a company, patents, bank balance.

what are the two types of rights to have over property?

freehold and leasehold

why is there two categories of property?

the rules are different

Land is a highly valuable asset. Buying a flat/house is likely to be the most significant financial commitment the buyer will make in their lifetime.

Land provides essential utility e.g. homes and places of business. There is a social and economic benefit in having specific laws relating to land.

what are the type of rights over property?

personal and property rights

Personal rights rights against a person which can only be enforced due to agreements with that person

Property rights provide rights over the property itself, not just against one person.(a right to exclusive possession of the property, for an agreed period of time)

what is an example of property rights ?

In English law ‘owning’ land typically refers to ownership of the ‘freehold title’.

If the owner of the freehold grants a lease the tenant also gains property rights

The owner of a freehold might grant a property right to their neighbour allowing the neighbour access over their driveway.

what are the key characteristics of property rights?

• Universally enforceable against everyone in the world.

• Exclusive by preventing others using the property

• Transferable. The property can be sold or gifted to another person. When an owner dies, their property will be given to their heirs when the owner passes away.

what are the multiple peoples rights in the same property?

• Key aspect of property law is relativity of title.

• Multiple people can have separate property rights in the same piece of property. For example a tenant of a lease has superior rights of possession to their landlord until the lease ends.

give me 3 ideas of property

• Property rights in land can be divided amongst different people.

• Many different property rights can exist simultaneously in relation to the same plot of land.

• When a person says they own a thing they are claiming to have property rights in that thing.

explain maximising the exchange value of land

• It might be desirable to have a legal system that contains rules designed to enable landowners to maximise the monetary value of the property rights that they’re exchanging.

when it comes to maximising the exchange value of land, should the legal system prioritise the exchange value of land over the use value of land?

Use value relates to the way that property rights in land might serve some fundamentally useful purpose or satisfy some essential human requirement.

Should the legal system protect a person’s right to home above all other potential interests?

There are rules designed to protect a persons right to a home but there also rules that promote the transferability of land.