By Roger J. Smith
'The textual content is obvious and straightforward to appreciate. It explains the problems rather well certainly with out over-simplifying primary issues' Dr Janine Griffiths-Baker, Senior Lecturer, tuition of legislation, college of Bristol creation to Land legislations provides a transparent rationalization of this usually tough to understand topic. Its allows scholars to appreciate why land legislations is critical and the way the topic matches jointly, sooner than introducing a number of the severe concerns that they're going to be anticipated to have interaction in all through their research
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Additional resources for Introduction to Land Law
In addition, a large part of the modern legislation relating to leases has centred on protecting tenants’ homes. In all these areas, the law recognises that people living on land deserve particular protection. A home is more significant than an investment. ● LAND AND THE 1925 LEGISLATION In general terms, the legislation sought to abolish special rules for land where these were unnecessary. Let us take one example. Before 1925, land would pass directly under a will to the new owner. By contrast, all other assets would pass to those selected by the deceased as executors (or personal representatives).
There are two reasons why this is different from buying land subject to a life interest. The first is that life tenants do not pay rent: invariably, life interests are created by members of the family making gifts of their property and not as commercial transactions. In contrast, a purchaser from Megaproperty will receive rent. The second reason is that a purchaser knows how long the lease will last. Even if the rent is below current rental levels, the purchaser can calculate the value of this over the duration of the lease and negotiate for a lower purchase price to take account of it.
If it is worth more than £200,000, then it makes sense for him to buy. Should the value fall to, say, £175,000 then it would not make financial sense for Jake to buy – though he would lose the £35,000 he has paid. It should be stressed that Ivy has no right to force Jake to buy: this is what distinguishes an option from a normal sale agreement. Because an option is an interest in land, it can bind any purchaser from Ivy. QXD 23/5/07 09:56 Page 10 Why have a list of interests in land? Why have the individual interests listed above been recognised?