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Land registration—overriding interests, occupiers and interests which have lost overriding status

This Practice Note looks at overriding interests under the Land Registration Act 2002 (LRA 2002). It contains detailed content on actual occupation as an overriding interest as well as linking to additional relevant content which provides detailed information on other overriding interests. It also touches on interests which have lost overriding status since LRA 2002 came into force.Overriding interests under the Land Registration Act 2002Overriding interests generallyOverriding interests are unregistered interests which affect registered land even though they are not shown on the register. They bind both the registered proprietor and any person who acquires an interest in the property.Overriding interests fall into two categories:•those that override the first registration of land; these are set out in LRA 2002, Sch 1•those that override a registered disposition of land for value; these are set out in LRA 2002, Sch 3Both categories of overriding interest include the types of interest set out below.Leases for less than seven yearsMost leases for less than seven years are overriding interests. However, there are exceptions; a...

Overreaching—sales by trustees of land

Overreaching—sales by trustees of land Broadly, the doctrine of overreaching enables purchasers (which includes tenants and mortgagees) in good faith for money or money’s worth to rely solely on the legal title. In the case of registered land, this means the entries entered on the register of title, as it records ownership of the legal estate and is not concerned with equitable interests. A buyer of a legal estate in land from trustees will not be affected by any of the trusts on which the land is held if the purchase price is paid to all the trustees (of whom there must be at least two) or to a trust corporation. Payment of the price in this manner means that the interests of the beneficiaries are said to be ‘overreached’. This is commonly known as the 'two trustee' rule. Overreaching also occurs in sales: • under the powers of the Settled Land Act 1925 • by a mortgagee (see Overreaching by a mortgagee) or personal representative...

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Property warranties (short-form) in an asset purchase

Property warranties and definitions to include in a short-form asset purchase agreement 1 Definitions In this Agreement, unless the context otherwise requires: Encumbrance means any mortgage, claim, charge (fixed or floating), pledge, lien, hypothecation, guarantee, right of set-off, trust, assignment, right of first refusal, right of pre-emption, option, restriction or other encumbrance or any legal or equitable third party right or interest including any security interest of any kind or any type of preferential arrangement (or any like agreement or arrangement creating any of the same or having similar effect) and Encumbrances means more than one of them; Freehold Properties ...

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Lexis®PSL Dispute Resolution weekly highlights—22 December 2016

Welcome to the weekly highlights from the Lexis®PSL Dispute Resolution team for the week ending 22 December 2016—our final highlights for 2016. This week, we feature our interactive resource guiding customers through the key Dispute Resolution cases and developments of 2016 and the 87th update to the CPR. We highlight news and analysis on a broad range of matters, including: proprietary freezing orders (Marino); case management (Simpson); applicable law (Banca Santander Totta); cause of action estoppel (Mandic-Bozic); LIBOR claims (Property Alliance); and adjudication (Octoesse). We also identify relevant News Analysis from other Lexis®PSL practice areas, the latest substantive amendments to our core content, new Q&As and recent posts on the Dispute Resolution blog. All this, and more, in our weekly highlights. We’d like to thank our customers, contributors and Editorial Board for their support this year, and wish you all a very pleasant festive break. See you all in 2017!