To provide a legal framework which allows for land to be owned, third party interests to be created, provides foundation for modern day conveyancing
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What is conveyancing?
The buying and selling of land titles and the creation of third-party property interests in relation to land
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What types of Estate came into existence?
After the Norman conquest: Fee Simple Absolute in Possession, the Terms of Years Absolute, the Life Estate
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What is Fee Simple Absolute in Possession?
Fee simple: means it can last forever if someone is there to inherit the land, absolute: no risk that it may fall apart some point, in possession: immediate enjoyment of the full rights of the owner
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How long does it have possession?
Forever
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What is terms of years absolute?
'Lease' renting, exclusive possession for a specific period of time
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What are some important pieces of the LRA 1925?
S1 declares only two estates exist in law: fee simple and terms of years absolute
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Purpose of LRA 1925?
Simplified the number of legal titles that could exist in modern day land law, declared only following third party interests can exist: easements, mortgages, rent charges
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Other cards in this set
Card 2
Front
What is conveyancing?
Back
The buying and selling of land titles and the creation of third-party property interests in relation to land
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