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4 Cards in this Set
- Front
- Back
- 3rd side (hint)
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What is an estate?
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"An interest in land which entitles its owner to exercise proprietary rights over that land for a prescribed period"
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McKenzie & Phillips
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Legal Estates:
Law of Property Act 1925 s1(1). The only [2] interests in land which are capable of being created at law are? |
a) an estate in fee simple absolute in possession;
b) a term of years absolute |
a) Freehold
b) Leasehold |
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You can also have interests which aren't legal.
What is the difference between a legal right and an equitable right? |
Legal Right = 'in rem' which means it is enforceable against the world at large.
Equitable right = 'in personam' which means it is enforceable only against a particular person/persons |
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What are the 3 reasons for the existence of equitable interests?
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1. Formal requirements of a legal estate not complied with (Law of Property Act 1925 s52(1)) eg. no deed
2. Some interests are only recognisable at equity eg. restrictive covenants (Tulk v Moxhay (1843)) 3. An individual who only possesses an equitable estate in the property can only grant an equitable interest eg. equitable mortgage |
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