1925 Property Legislation

Simplification of conveyancing

• Facilitation of investigation/acquisition of ownership rights -the purchaser of land wishes to ensure that when he purchased the land in question, he actually acquired title to that land and the full range of oownership rights over that land
  
• Facilitation of investigation of 3rd party interests - the purchaser wishes to ensure that he was aware of all 3rd party interests which might be enfoceable against the land and which might affect his use and enjoyment of the land
• Protection of 3rd party interests - equitable interests are potentially more precarious than legal interests, to the extent that they are subject to extinction by the bona fide purchaser. Thus, while the purchaser stood to benefit from the reclassification of interests, the owners of 3rd party interests, were understandably concerned that their interests might be subordinated to the convenience of purchasers

Reclassification of interests in land

Provision of machinery for the investigation and protection of interests in land -

• It differs according to whether the land has an unregistered land and is therefore subject to the title deeds conveyancing systen; or whether the land has a registered title and is therefore subject to the registered title conveyancing system

General scheme

Reduction of legal estates

• LPA 1925 s1(1)
  - The only estates in land are an estate in fee simple absoloute in possession or a term of years absoloute

Reduction of legal interests

• LPA 1925 s1(2)
  - In parallel with s 1(1), the interests listed in s 1(2) are the only 3rd party interests capable of existing as legal interests; but they may also exist as equitable interests

All other interests take effect as equitable interests

• LPA 1925 s1(3)
  - 3rd party interests in land that are not listed in s 1(2) necessarily exist as equitable interests only

• Existing system of title deeds conveyancing (supplemented by registrationg of 3rd party incumbrances under the Land Charges Act 1972)
• Registered title conveyancing under the Land Registration Act 2002