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Can land be owned in England and Wales?
No the owner merely holds estate in land (right to use land) but the Crown ‘holds the land’.
What are the two legal estates?
Freehold Estate & Leasehold Estate
Define freehold estate
Absolute possession and ownership, right to use indefinitely
Define leasehold estate
Term of year absolute, fixed maximum duration etc 9 months, 9 years, 900 years
What are the five legal interests in land?
Mortgages
Easements (Right to pass over land etc)
Rentcharge (Interest in land, usually payment made to developer)
Profit à pendre (Right to take something from land, I/e taking timber from piece of land, fishing etc)
Right of Entry (e.g Right of landlord to go to land to perform maintenance)
What profit may be sold apart from the land?
A profit à prendre in gross
What are Concurrent interests?
When two or more people have the rights to the same property.
What should a Valid contract in a property transaction include?
It must be in writing.
What is a deed?
Formal, legal document that transfers ownership or confirms rights and obligations to property.
What are the elements of a valid deed?
In writing
Intended to be a deed
Executed as a deed
Signed
Witnessed
Delivered
How can you proof ownership of unregistered land?
Deed of gift
Mortage Deed
Unbroken chain of ownership etc
For pusine montages, equitable mortgages, and matrimonial interests will not be what?
Unprotected interest will not be binding on a purchaser of any interest in land for valuable consideration.
Minimum amount of time as possession you must show, for unregistered titles.
12 Years of continuous uninterrupted possession