W2 - What is Land and Mortgages I

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Which of the following statements is true in respect of an interest in land?

An interest in land gives the holder of the interest a right to possess the land

An interest in land can be enforced in rem, this means the right can be recovered if the holder is deprived of it (correct)

Only legal interests in land have proprietary status

If the holder of an equitable interest is deprived of their right, they are automatically entitled to damages

Where are the list of legal interests found?

LPA 1925, s 52

LPA 1924, s 1 (1)

LPA 1925, s 1(3)

LPA 1925, s 1(2) (correct)

Which of the following interests in land is only capable of being equitable in nature?

Right of entry

Mortgage

Easement

Restrictive covenant (correct)

A and B enter into a document in which A agrees not to use his land for commercial purposes, What interest in the land does B have?

A restrictive covenant Signup and view all the answers

A and B buy a piece of land together each contributing 50% of the purchase price. A is registered at the Land Registry as the legal owner. What interest (if any) does B have in the land?

An interest under a trust of land Signup and view all the answers

Which statutory provision contains the legal definition of what is land?

s.205(1)(ix) LPA 1925 Signup and view all the answers

Which of the following is not included within the definition of land?

Fittings Signup and view all the answers

Which of the following options correctly explains why you might need to determine if something is land or not?

If you are selling a piece of land, you need to know what you are entitled to take and what must be left for the buyer as everything classed as land passes to the buyer under LPA 1925, s 62. Signup and view all the answers

Which of the following statements correctly explains the current position at law in respect of the airspace above an owner's piece of land?

A landowner owns the lower airspace above his/her land Signup and view all the answers

A satellite dish is overhanging onto an adjoining piece of land, though is not causing any damage to the land. Which of the following options correctly explains whether this is trespass?

Yes the satellite dish would be committing trespass as it is in the lower airspace above the land. Signup and view all the answers

Which of the following statements correctly explains the current position at law in respect of the ground below an owner's piece of land?

A landowner owns the ground under the surface to depths above 300 metres Signup and view all the answers

Within the definition of land under LPA 1925, s.205 (1)(ix) a fixture would be classed as which of the following?

A corporeal hereditament Signup and view all the answers

Which of the following statements correctly describes the legal position in respect of fixtures?

An item not attached to the land can be a fixture if it part of the architectural design of a building Signup and view all the answers

Which test prevails in determining if an item is a fixture or chattel?

The purpose of annexation test Signup and view all the answers

A picture is attached to the wall of a house. Which of the following statements correctly explains the legal position as to whether the picture is likely to be a fixture or not?

It will depend on the circumstances of the case. If the picture can be removed easily and put in place to enjoy as pictures, it is likely to be a chattel. Signup and view all the answers

Which of the following statements is correct?

The mortgagee is the lender Signup and view all the answers

Which of the following statements correctly describes the likely outcome for a low risk borrower?

They will be charged a low interest rate Signup and view all the answers

What is the most common type of mortgage arrangement today?

Capital and interest repayments Signup and view all the answers

Which one of the following statements is true?

A mortgage is capable of being a legal or equitable interest in land. Signup and view all the answers

What formalities must be complied with in order to create a legal mortgage?

Deed and substantive registration. Signup and view all the answers

If a mortgage intended to be legal is not created properly, what is the consequence?

The mortgage will be equitable provided that it is in writing which contains all the terms and is signed by both parties. Signup and view all the answers

When does the equitable right to redeem arise?

On the day after the legal date for redemption has passed. Signup and view all the answers

In Fairclough v Swan Brewery the court examined a clause which postponed the legal date for redemption. What was the outcome of the clause?

The clause was struck out because once the loan was repaid, the borrower would get back an estate which was worth much less than at the time of the mortgage. Signup and view all the answers

When might an option for the lender to purchase the mortgaged property be upheld?

When it is granted in a substantially separate transaction. Signup and view all the answers

Which one of the following statements on solus ties is true?

The solus tie will be permitted in a commercial transaction if the tie ends before or at the end of the mortgage term. Signup and view all the answers

A mortgage loan contains a a legal date of redemption which falls 2 months before the end of a 25 year mortgage term. Which one of the following rights which make up the equity of redemption is likely to be relied upon here by the mortgagor to have the clause thrown out by the courts?

No postponement or prevention of redemption Signup and view all the answers