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Mortgages

At its root, a mortgage is security for a loan. A mortgage of real property, ie a house or a apartment, comprises a transfer or conveyance of a legal or equitable estate in the borrowers land to the mortgagee, with a provision that the mortgagees interest shall lapse upon the repayment of the loan plus interest and costs agreed. In simple terms this means that the lender or the mortgagee has an interest in the property until the borrower or mortgagor has repaid the sums advanced to purchase the property in question. Moreover, as a matter of contract, the parties are free to stipulate whatever terms they wish for the repayment of the loan.

Tenancies

A tenancy is perhaps best described as a temporary ownership right. Ownership in the sense that while it lasts, the tenant has exclusive use of the property, temporary ‚ in the sense that at some time in the future the right will cease and the right to possess and enjoy the land or property will revert to the landlord. Tenancy is a form of conditional ownership in that it involves obligations that impose duties on both the landlord and his tenant.

Leases

The relationship between Landlord and Tenant involves obligations on each side continuing for the duration of the lease, this being the name of a legally recognised document governing their relationship. Given the millions of leases and their social and economic significance, it is not surprising that a substantial body of legal rules regulate the landlord and tenant relationship. In part these rules spell out the terms implied into a lease and how they are to be interpreted. However, they also place limits on what terms the parties may insert into leases and govern their enforcement

Licences

Licence involves permission from the owner of land, given to another person to use that land for some purpose. The permission or licence can be to do anything from attending a pop concert to parking a number of cars. The range of activities that can be covered by licence is virtually limitless as it is impossible to foresee all the circumstances in which one person may wish to use the land of another.

Easements

Easements are Incorporeal Heraditaments; in plain English this means that they comprise of certain rights which one landowner may enjoy over the land of another. Common examples are the right of way and the right to light but are not limited to these two ancient rights. More recent examples include the right to park cars, cross with shopping trolleys, the right to enjoy lighting and exit signs and even the right to use a neighbours land in connection with the movement of aircraft. The definition of an easement cannot be expressed in simple terms, but at the outset it is vital to realise all easements will involve two separate pieces of land, the benefited land and the burdened land.

Covenants

Covenants between land owners may be positive or negative in nature. Positive covenants require the owner of the burdened land to take some action on their own or adjoining property usually requiring the expenditure of money, i.e. covenants to keep property in good external repair for community purposes. Negative or Restrictive covenants require the owner of the burdened land to refrain from some activity on his land, i.e. not to carry on a trade or business so as not to upset the character of the community.

Landlords

Tenants

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