The term “real estate law” refers to the minutiae of any rental agreements, land purchases, and sales, and, ultimately, the fundamental basis of who owns what. In England and Wales, real estate law is made up of statute, common law, and equity.
The common law is a body of law that has developed throughout time as a result of court precedent. It is thus an essential part of current real estate law, and it continues to play a significant role in the application and interpretation of legislation.
What Is Property Law?
Property law, often known as real estate law, regulates many types of tenancy and ownership in both physical and personal property. It also authenticates the principles and procedures for settling property disputes. The land has always had a high value, and as a result, the market for buying, selling, and leasing property are unlikely to decline.
This indicates that it is one of the most stable areas of legal practice. Property law is a required part of the qualifying LLB. Therefore, all law students will have some exposure to it during their studies.
The main subjects taught within the module include:
- ownership of land
- transfer of land
- disputes over land
- adverse possession
What Is Personal Property Law?
A personal property lawyer is a lawyer who handles all legal elements of purchasing or selling personal or residential property. In this industry, depending on the firm’s scope, it is possible to act for both local and international clients who seek to purchase or sell a home in the UK or abroad. Working is significant since buying a home is one of the most important and expensive decisions a person can make in their lifetime.
What Is Commercial Property Law?
Commercial property refers to land that creates a profit for the owner, but it can also refer to property used for business reasons. A commercial property solicitor handles all legal issues of buying or selling commercial property. Governments, landowners, and developers are examples of domestic and foreign clients for this sort of lawyer.
This means that clients in this field of law are likely to come from a variety of industries. Hotel proprietors, agricultural landowners, and even charities are examples. Construction law, planning law, and environmental law are examples of areas where commercial property law intersects.
1. Law of Property Act 1925 (LPA)
This piece of legislation lies at the heart of English and Welsh land law, and it was designed to reform English real estate law. Essentially, this act made significant changes to pre-existing real estate legislation in order to update and consolidate it.
It clarified the distinction between leasehold and freehold property, controlled mortgages and leases, and clarified several ambiguities in prior property legislation.
To consolidate and update pre-existing real estate legislation, this act enacted significant revisions. The law covers a wide range of topics and provides general concepts such as the types of estates and land interests that can exist under the law.
2. Law of Property (Miscellaneous Provisions) Act 1989
This piece of legislation made significant changes to property law. For example, a deed’s form and delivery. This is a UK Act of Parliament that set down vital reasons for English property law. In the Act, it was stated that a deed is confirmed only when expressed. The rules governing the delivery of a deed were abolished and can be delivered by him or any other on his behalf.
On the other, the particular deed is either signed by the person or an individual in the presence of witnesses. The land contract produced by a larger transaction and others is missing from the land contract. Therefore, this is what the law of property act of 1989 signifies and you must know the same.
3. Trusts of Land and Appointment of Trustees Act 1996 (TOLATA)
This was enacted in 1997 in order to improve how the LPA 1925 dealt with trusts. TOLATA addressed the issues with trust by establishing statutory principles to be taken into account when dealing with trust dispositions, notably in the context of divorce and the sale of family property.
4. Land Registration Act 2002
The previous Land Registration Act of 1925 was revoked by this piece of legislation. The act, along with the Land Registration Rules, governs Her Majesty’s Land Registry’s responsibilities and operations. The legislation’s principal goal was to make land registration easier and give the register a more accurate image of land ownership by encouraging registration.
Well, now you know almost everything that you needed to know about real estate law in the UK. The country lays down some very dominating and strict rules to manage a proper balance in this sector. Real estate law can also be a good opportunity for employment. If you want to try your luck in this industry, you can start off by looking into how many jobs are available in real estate investment trusts.