Estate = time period during which and interest in land my be held by its owner.
Freehold estates are those involving ownership
Leasehold estates are those involving tenants.
Fee Simple
Potential to last forever. It will only come to an end when the person possessed of the fee simple estate dies and there is no successor.
Succession Act s. 94 - State is the ultimate successor to a person’s property
Free to use and enjoy the land as he pleases UNLESS modified.
Life Estate
smallest type of freehold estate
Not inheritable
Length is determined by the life of the person in possession or the life of another person.
One is an estate for the duration of the person to whom it is granted, i.e. the life tenant himself
The other is an estate for the life of another person, i.e. an estate pur autre vie.
Cestui qui vie.Cestui qui use
Leasehold Estates
A leasehold estate is an estate in which the lessee or tenant holds a temporary rights to the land or property, given by a lessor or landlord.
The relationship between landlords and tenants is essentially a contractual one.
Leases are now recognised as creating a distinct estate. The landlord retains ownership and control and the tenant has possession and enjoyment of the property.
Joint Tenancy
Where one co-owner dies, surviving co-owners automatically share the whole land
Joint tenancy cannot be left by will
Common law presumes joint tenancy
Common law prefers joint tenancy (more favourable + less fractious)
Two important characteristics:
1.Right of Survivorship
Four unities present
Joint Tenancy - Points
Joint tenancy can sell - if one party sells then the contract becomes a Tenancy in Common and Joint Tenancy is ceased
If there is an unlawful killing then the surviving tenant forfeits the right of survivorship
The Four Unities
Possession
Interest
Title
Time
Possession -Key Points
Each co-owner entitled to possession of all property
Land must not be divided
Each Co Owner entitled to whole of land
Interest - Key Points
All joint tenants must have same/identical interest in land
Must all hold same tenure (freehold interest/leasehold interest)
Must all hold same estate in land (fee simple/life estate)
Principle is not breached- one joint tenant hold additional interest in land, created at/before creation of joint tenancy
Title - Key Points
Must acquire interest by same title (same deed/will/act of adverse possession)
Must derive their title from same document or transaction
Time - Key Points
Joint tenants interest must vest (in the person) at the same time
Tenancy in Common
Tenancy in common exists when there is no right of survivorship
Tenants in common can hold different interests in land
Tenants in common hold shares of ownership
Each entitled to possession of entirety of land
Share of land of each tenant in common, passes on his death to his devisee/legatee under will/person entitled under intestacy (if no will)