Conv 1

Front 1

What is "conveyancing"

Back 1

The legal process through which land is transferred

Front 2

What is crucial when client buying and selling a prop?

Back 2

Timing

Front 3

What is the most common type of land ownership?

Back 3

Freehold

Front 4

When did common hold come about?

And, name three types of property where this could apply.

Back 4

2004

Blocks of flats

Retirement homes

Business parks

(any building where the properties share common facilities)

Front 5

Apart from buying and selling prop, name 6 other types of prop transaction a conveyancing office might deal with..

Back 5

1. Property disputes: position of boundaries / maintenance of boundaries

2. Dealing with property in a divorce

3. Remortgage

4. Gifts: ie parent to child

5. Wills: transfer to beneficiary

6. Transfer of shares in property: relationship breakdown

Front 6

What is the doctrine of tenure?

Back 6

A principle established by William Conqueror 1066, meaning Crown owns all land

Front 7

Because of the doctrine of tenure, what is it that sellers are actually selling when they sell?

Back 7

The "estates and interests" in land

Front 8

In what year was land law modernised?

Back 8

1925

Front 9

Since the modernisation of land law, what are the only two legal estates that can exist in land?

Back 9

Freehold

Leashold

Front 10

What are the proper names for both

freehold

Leasehold

Back 10

Freehold = fee simple absolute in possession

Leasehold = term of years absolute

Front 11

What is the best form of ownership of an estate that a person can have, and what does it mean?

Back 11

Fee simple

Meaning a grant of land from the Crown that:

1. lasts for ever

2. Can be sold by the owner or left to others in their will

Front 12

In a fee simple absolute in possession estate in land, what does

Absolute

And

In possession, mean?

Back 12

Absolute = you own the estate without being subject to any particular conditions like: upon a certain event ownership terminates

In possession = to be in physical possession of the land

Front 13

Fee Simple Absolute in Possession give you the right to everything above and below the ground - and you can do with it as you wish.

True or false

Back 13

True

Although in practice their are restrictions ie the Town and Country Planning Acts - which require you to get local authority consent to build extensions etc

Front 14

Name 2 rights in a lease that are not found in a tenancy.

Back 14

1. Exclusive possession : lessee able to deny lessor access

2. Ability to sub-let to sub-tenant (providing nothing contrary in lease)

Front 15

When a landlord grants a lease, they diminish their own rights as a freeholder - but at the end of the lease what happens?

Back 15

Full rights revert back to the landlord/freeholder

Front 16

Can a freeholder who has granted a lease out of their freehold sell their reversionary interest?

And if so would it affect the lease?

Back 16

Yes they can sell it, but it would not affect the current lease

Front 17

What are 2 legal interests

And

What is an example of an equitable interest?

Back 17

Legal interests = mortgage, easements

Equitable interest = restrictive covenants

Front 18

How can a restrictive covenant be protected on a registered property so that later owners are bound it?

Back 18

By an entry in the register

Front 19

"Estates and interests" - what is the difference between the 2?

Back 19

An estate refers to the ownership of the property

An interest refers to and interest in the property (whether legal: mortgage or easement - or equitable: restrictive covenant)

Front 20

Whenever co-ownership is entered into, what is automatically created?

And what Act is it that made this to be so?

Back 20

A trust

Trusts of Land and Appointment of Trustees Act 1996

Front 21

What are the 2 types of co-ownership?

And do both create a trust?

Back 21

Yes both create a trust:

Joint tenants

Tenants in common

Front 22

When a trust is created (under a joint tenancy or tenancy in common) there are two parts to that trust, what are they?

Back 22

1. Legal estate in Land

2. Beneficial interest

Front 23

Whether the trust is under a Joint tenancy or Tenancy in common, the doctrine of Survivorship always applies to the legal estate in Land true or false?

Back 23

True

With a joint tenancy the legal estate automatically passes to the surviving proprietor

With tenancy in common same thing happens so that surviving proprietor can sell property

Front 24

If buying a property that was owned under a tenancy in common, what must buyers solicitor check register for?

Back 24

To see if there are any restrictions on register preventing sole proprietor from selling.

Usually under tenancy in common there will be a restrictive covenant on register ["there is to be no disposition by a sole proprietor]

If there are then overreaching must be practised.

Front 25

What is overreaching?

Back 25

Overreaching is practised for the purchase of a property that was owned under a tenancy in common. So where there is only one trustee left, another must be appointed in order to sell.

This protects the buyer from any beneficial interest held under any other trustees will. So party that died will have bequeathed their share to a beneficiary - by using overreaching, that beneficiaries interest moves from the property to the proceeds of the sale. But the buyer must make sure to pay purchase monies to at least two trustees.

Front 26

So, one part of the trust is the legal estate in Land, the other part is the beneficial interest. What is the beneficial interest?

Back 26

Legal estate = ownership (so the right to sell)

Beneficial interest = the equitable interest. So the money.

Front 27

Under both a joint tenancy and a tenancy in common, Survivorship applies to the legal estate.

Does Survivorship apply to the beneficial interest in both cases?

Back 27

No.

Survivorship only applies to the beneficial interest of a joint tenancy

Under tenenacy in common, the beneficial interest passes under a will.