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3 Cards in this Set
- Front
- Back
- 3rd side (hint)
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Legal Estates/Interests |
How is a legal estate or interest created? |
By deed (s52(1) LPA 1925) with the exception of a lease for three years or less taking effect in possession at the best rent obtainable without payment of a premium (s54(2) LPA 1925) |
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Contracts (create an equitable interest) |
What the requirements for a contract post 1989 compared to a contract pre 1989? |
s2(1) Law of Property (Miscellaneous Provisions) Act 1989 - (i) in writing, (ii) contain all express terms of the agreement, (iii) be signed by or on behalf of each party.
s40 Law of Property Act 1925 - must be evidenced in writing or by part performance. Note that a contract for less than 3 years can be created orally and implied, resulting and constructive trusts exempt (s2(5) LP(MP)A 1989) |
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Equitable interests |
How are equitable interests created? |
Expressly: s53(1)(b) Law of Property Act 1925 Impliedly: this does not affect the operation of implied, resulting or constructive trusts (s53(2) Law of Property Act 1925) |
