Land Law Question Essay Example | Topics and Well Written Essays - 1000 words

Land Law Question - Essay Example As per UK law there are two sorts of land a) registered and b) unregistered. Each has its own rules and regulations with regard to treansfer of land from one hand to another hand besides enforcement of third party proprietary interests1. The Land Registration Act 2002 which is in vogue came into being on October 13th 2003. New Act has more space for a) number of titles b) over riding interest and c) electronic conveyancing. This has simplified the land transfer system. Hence, buyer needs not to worry about the vendor’s entitlement to deal with the property2. Unlike unregistered land where the purchasor needs to go through the register himself in order to find out whether third party proprietary interest is binding or not. Kinds of Leases The basic leases are four in numbers a) Gross Lease b) Full Service Lease c) Gross Industrial Lease and d) Triple Net Lease. Each landlord has to decide which lease is best suited to him. It is the duty of the attorney to let his clientle (ten ant) know which lease is beneficial to him. In commercial type of real estate lease, interest of stakeholders (Landlord and the Tenant) is ensured. It would be in the best interest of mentioned parties if they chose right type of lease3. Tenancy Agreement In accordance with the Landlord and Tenant Law of UK, tenancy agreement is an agreement that executes between the landlord and the tenant for renting out the premises. By all means, it is a legal contract. It can be in two ways, oral or written. However, the written agreement is more viable option for both the stakeholders, i.e. landlord and the tenant since it provides more concrete evidence and binding in terms of law4. Yes, some of the tenancy terms are implied even if they are not mutually agreed upon. Implied terms indicate rights, obligations and the protective clauses in line with the Residential Tenancies Act currently enforced. The Residential Tenancies Act fully protects the rights of the tenant. If the tenancy agreement includes something mutually agreed upon by the landlord and the tenant, which is not allowed by the said Act, would be binding for either party to comply with it5. Sometimes people are a little bit confused with regard to the meaning of word â€Å"lease†. In fact, the mentioned word refers to the fixed term, say one year or more tenure. This is incorrect. It can be on a month-to-month or week-to-week basis. In order to avoid confusion, the term â€Å"lease† is not used frequently in such transaction. However, in the larger interest of the landlord and the tenant, the term â€Å"tenancy agreement† can be used for the rented property6. Fixed Term Tenancy In a fixed term tenancy, the tenant agrees to have the premises for a certain period of time against mutually agreed amount of rent and the security deposit. Under the mentioned situation, if the period of time ends, the tenancy agreement ends automatically. Here, no notice is required to serve by either party unt il and unless it was specifically incorporated in the tenancy agreement. If the notice period was incorporated in the said agreement, either party is bound to serve the notice accordingly. After the expiration of the fixed term of tenancy, if the tenant does not vacate the rented premises, the tenancy agreement turns into periodic tenancy agreement, according to which, the tenant has to pay the rent as desired by the landlord. Once a tenancy period starts, it