Chapter 5 Key facts checklists

The freehold estate

The freehold estate is the largest of the two estates in land that has legal capacity and a person who holds a freehold estate over land is tantamount to being the owner of that land (although technically ownership rests with the Crown).
The legal freehold estate is technically known as the fee simple absolute in possession and the characteristics of a legal freehold estate can be found from interpreting this technical definition.
A contract for the transfer of a freehold estate must meet the requirements under s 2 Law of Property (Miscellaneous Provisions) Act 1989 (LP(MP)A 1989).
Where the contract is to be varied, s 2 LP(MP)A 1989 must be complied with when the variation is of a material term.
A valid and specifically enforceable contract for the transfer of a freehold estate will give the purchaser an equitable interest in the land to be purchased, known as an estate contract.
Legal title to the land will not pass to the purchaser until completion, which involves execution of a valid deed (s 52 Law of Property Act 1925 (LPA 1925), s 1 LP(MP)A 1989) and registration of title.
The exact moment when legal title passes differs depending upon whether the land being purchased is registered (where title passes upon registration of title) or unregistered land (where title passes upon execution of a valid deed).