An absolute leaseholder has substantial rights, including the right to occupy and use the property, as well as the right to sell the lease to another person.
An absolute freehold title means the owner possesses ALL rights over the property and the land it sits on, making it the strongest type of title ownership.
Freehold and leasehold.
Absolute title provides the most security over the ownership of the property compared to qualified, possessory, or good leasehold titles.
Marketing materials should be prominent and accurate, and not include uncertain statements like ‘would be’ increases in property prices.
It must be shown that there is a necessity to cross a path to access your property.
An equitable lease grants an interest in land on terms that correspond to those of a legal lease, but without completion of the legal formalities.
By entering a notice on the register under s.32 LRA, usually in the Charges Register.
The mortgagee can seek a contractual remedy to enforce the mortgagor’s personal covenant to pay or exercise the power of sale.
The power of sale becomes exercisable when the mortgage was by deed and the legal 'date for redemption' has passed, as per s.101(1)(i) LPA 1925.
Possessory title is typically granted when the owner claims they acquired the land by adverse possession or when the owner cannot produce necessary documents to prove the title, usually due to lost or destroyed title deeds. It is somewhat rare and can be registered for freehold or leasehold properties.
<p>Degree of annexation and purpose of annexation. (Holland v Hodgson)</p>
The lease must take effect in possession, for a term not exceeding 3 years, at the best rent reasonably obtainable.
No, it is not automatically void but voidable, with the burden of proof on the mortgagee to show that the purchase price is the best price reasonably obtainable.
'Order for account' compensates for the difference between what the property was sold for and the price it could have been sold.
An easement must be for a time period equivalent to one of the legal interests, either a freehold or a leasehold.
If not registered, they are void and inapplicable.
They fused common law and equity, allowing for a more just application of legal principles.
The mortgagee's primary duty is not to sell off property like property dealers and should not overburden mortgagors, encouraging sensible repayments.
Many beneficiaries may not know they are beneficiaries or that they need to protect their interest under a restriction.
A registered title equates to actual notice.
The fee simple absolute in possession is the legal freehold that is held on trust to give effect to lesser interests in equity.
Contracts must be in writing, contain all expressly agreed terms, and be signed by or on behalf of both parties to be valid.
Yes, there can be an equitable lease which creates an equitable leasehold estate.
Legal estates and interests are normally bound automatically, while equitable estates and interests are not.
The mirror principle implies that ideally, the Land Register correctly reflects the interests and estates affecting a registered title.
Qualified titles are the least desirable and are extremely rare because they occur when there is a defect in the title that cannot be disregarded. They can be registered for either freehold or leasehold properties, and ownership is subject to the equitable interest of beneficiaries if the title was breached.
1) Interests/estates capable of being registered with a separate title. 2) Registered charges, like mortgages. 3) Interests subject to an entry on the register, like easements. 4) Overriding interests not shown on the register.
An estate in fee simple absolute in possession and a term of years absolute.
Legal leases over 7 years need a deed and registration to take effect at law.
If not created by deed and registered, the mortgage will be equitable and much less effective than a legal mortgage.
Former equitable estates are now considered equitable interests and can exist only as beneficial interests under a trust.
Writing is required for these contracts as they are considered equitable interests in land.
S.1(3) LPA 1925 states that all other estates, interests, and charges in or over land take effect as equitable interests.
Overreaching replaces the equitable interest of the beneficiary with an equitable interest in the proceeds of sale, benefiting the purchaser.
The court leaned towards protecting the innocent lender, indicating that Mr. Wishart did not have an overriding interest.
The classes of titles are absolute titles, qualified titles, possessory titles, and good leasehold titles.
<p>Registration is required before the disposition can take effect at law. Rmb to add the smaller subsections after s.27(2)(?)</p>
Leases do not have to be in writing, but unwritten oral leases must fulfill the requirements in s.54(2) LPA 1925.
<p>To protect home security and prevent eviction from shelter, without burdening the parties, incl. the Land Registry, too much.</p>
<p>20 years of non-stop usage. Dalton v. Angus and Co. (It was held that an easement of support for a building had been acquired. The building had stood there, supported by the neighbouring building, for over 20 years, so the neighbouring owner had acquiesced in the use of the right of support.)</p>
'Market price' is determined after the property has been exposed to the market for a reasonable period of time.
To control the way the sale of land takes place.
Legal mortgages rank in the order they are created, with older ones having priority. Equitable mortgages also rank by creation order, but legal mortgages rank above equitable mortgages.
To control the sale of the trust property and ensure overreaching takes place.
The two equitable duties are to act in good faith and to take care to obtain the market price or best price reasonably obtainable.
The curtain principle suggests that equitable interests are hidden.
An absolute title, referred to as 'title absolute', provides the owner with the highest level of ownership rights and security, meaning ownership cannot be legally contested or claimed against.
Real property includes rights in rem and can restore the item itself if lost, while personal property may only order compensation for loss.
An equitable estate in the land.
The buyer will be bound by registered charges, interests protected by entry on the register, and interests that override registered dispositions at the time of purchase.
A mortgage is a proprietary interest created by the legal freehold/leasehold owner (mortgagor) and held by the lender (mortgagee) which acts as security for the loan.
It grants exclusive possession for the duration of the lease.
They must be granted expressly by deed and registered.
<p>It cannot be taken back unless with a deed from both parties.</p>
They must be created using the correct formality, including a written deed.
The conditions include: (i) Notice requiring payment has been served and there has been default for 3 months; (ii) Interest under the mortgage is in arrears for 2 months; (iii) There has been a breach of another provision in the mortgage deed.
It states that the purchaser takes the land free from the beneficiary's equitable interest.
Legal leases not exceeding 7 years, which seeks to protect tenants.
If the occupier did not disclose their interest when asked by the purchaser, as per Sch 3, para. 2(b).
Good leasehold title is granted when the Land Registry is satisfied only with the leasehold title, unlike absolute title which requires satisfaction with both leasehold and freehold titles. Good leasehold can be vulnerable to disputes regarding the freehold title.
Land includes corporeal and incorporeal hereditaments, with rights extending to height and depth for ordinary use and enjoyment.
Two or more trustees are involved, and all trustees must be paid the money.
By physical inspection of the property, asking the seller, and checking Public Registers.
A legal mortgage must be created by deed under s.52(1) LPA 1925 and registered at the Land Registry under s.27(2)(f) LRA 2002.
An interest in land cannot be created or disposed of without writing signed by the person creating or conveying it.
A trustee manages the trust for the benefit of the beneficiary.
Determining who owns the title, whether they have good title, and if any legal or equitable interests exist that may bind the purchaser.
It refers to a person who acquires a legal estate or interest without notice of previous equitable interests, thus trumping them.
Palk v Mortgage Services examines the conduct of the mortgagee, including their attitude and willingness to negotiate prices.
Equity recognizes legal estates and interests in the same ways that the law does, including freehold and leasehold.
It seeks to protect the interests of a person in actual occupation, particularly cohabitees who have contributed to the property.
The insurance principle states that the government is responsible for inaccuracies of the Land Register.
Only equitable interests held under trusts of land can be overreached.
The equitable owner may no longer have any interest in the land and may have to leave their home, which they may not want to do.
Yes, there can be two legal owners existing at the same time.
1. Prior legal mortgages, 2. All costs incurred by the mortgagee in selling the property, 3. Sums due under the loan from the mortgagee, 4. Residue to the mortgagor or subsequent mortgagees.
Factors include property price fluctuations, buyer's initial payment, current market conditions, advertising period, and differing expert valuations.
Cuckmere Brick v Mutual Finance illustrates that a public auction can often satisfy the mortgagee's duty, and there is no need to wait for market conditions to improve.
The estate or interest will be considered equitable.
Marketing material should include all information relevant to the market value of the property.
The three parts are the Property Register, the Proprietorship Register, and the Charges Register.
<p>If registered, they bind any owner automatically. Registration here means to put on a notice/restriction.</p>
The mortgagee can pursue the mortgagor under personal covenant to pay, although this is practically not useful if the mortgagor is bankrupt or lacks funds.
It protects equitable owners in actual occupation, but must be checked against exceptions in Sch. 3, paras 2(b) or 2(c).
The Land Registration Act 2002 facilitates the registration of title in the process of creating a legal estate/interest.
Their position weakens, as they may not be protected under Sch 3, para. 2.
Normally, new interests are bound by old interests, but they can 'jump the queue' under certain conditions.
Freehold, leasehold, easements, rentcharges, mortgages, and rights of entry can all be legal or equitable.
By paying the purchase money to two or more trustees, which would overreach the equitable interests in the property.
<p>To act in good faith; to sell at the best price reasonably obtainable.</p><p>A mortgagee will not breach his duty to the mortgagor if he exercises his judgment reasonably in the sale of the mortgaged property, particularly in assessing its market value within an acceptable margin of error.</p>
The trustee holds the legal estate in the land.
<p>Breach of these equitable duties gives rise to discretionary equitable remedies by the court. E.g. order for account</p>
<p>A lease that creates an estate in land for a term of years absolute and with certain formalities depending on the duration of the lease.</p>
<p>If the mortgagee cannot produce the relevant evidence, the transaction can become void, and parties return to their positions before the transaction. But the court will not easily conclude this because this will be unfair to the buyer of the m/gor’s property.</p>
<p>It provides that the creation and operation of implied, resulting, and constructive trusts are not affected and can be created by conduct or orally. This is a wide exception to requiring equitable interests to also be written down.</p>
