Property Rights which Give Immediate Use and Enjoyment of Land: If someone occupies land which they regard as theirs this is because either They own a fee simple estate in that land OR They hold a lease of that land
- Fee Simple Estate
The persons who are colloquially referred to as owners of a piece of land technically own not the land itself but a fee simple estate in the land-they hold this fee simple estate from the Crown under freehold tenure
The person who owns the fee simple is in practical reality owner of the land. A fee simple can be freely bought and sold. In technical terms a fee simple is an "estate" in land which gives the owner the right to enjoy the land for ever.
Following the major reform of land law in 1925, for the fee simple state to be recognized in law the owner of such an estate must have a "fee simple absolute in possession"
Fee simple-the state in land is inheritable and duration of estate perpetual
Absolute-that the estate is not restricted in any way
In possession-means that the owner has an immediate right to enjoy and occupy the land
If somebody has a lease over a piece of land then he has the right to use and enjoyment of that land for the duration of his lease
Leases are basically of two types
- Fixed Term: may be for any period of time, provided the maximum duration is fixed
- Periodic Tenancies: technically a lease for one period which goes on extending itself automatically until either the landlord or tenant gives notice to terminate the tenancy (weekly, monthly, quarterly, yearly)