What Is A Statutory Land Charge?

What is a estate contract?

A contract in which the owner of land agrees to create or convey a legal estate in the land; for example, he may contract to grant a lease or to sell or he may grant a valid option to purchase.

The contract confers on the purchaser an equitable interest that is enforceable against third parties if registered..

What are car statutory charges?

Dealerships levy a 1 percent tax on the ex-showroom price of all vehicles priced above Rs 10 lakh, as a statutory procedure by the Government of India, since June 2016. … At the time of filing their income taxes, this amount is credited back into their accounts.

What is D II land charge?

Class D (ii): Restrictive covenants: This class includes any covenants or agreements which are restrictive of the user of land. An example would be a restrictive covenant under which pets must not be kept on the property, or restricting the height of border fences.

What is charge register?

The Charges Register: This contains details of any burdens affecting the property, such as restrictive covenants (e.g., restrictions on the use of the property), positive covenants (e.g., obligations to maintain a fence or driveway), easements and mortgages.

What does it mean when there is a charge on your property?

A charge on your house or property is a legal document that we ask you to sign to give Victoria Legal Aid security over the amount we spend on your legal problem. You will have to pay back this amount when your property is sold or transferred, or when you refinance or borrow money against your property.

Does statutory mean set by law?

Statutory law or statute law is written law passed by a body of legislature. This is as opposed to oral or customary law; or regulatory law promulgated by the executive or common law of the judiciary. Statutes may originate with national, state legislatures or local municipalities.

What is AC I land charge?

A right to receive money from the estate owner arising automatically by an Act of Parliament without the need to apply. Class C(I) Land charge. A puisne mortgage – a legal mortgage which is not protected by the deposit of documents relating to the legal estate – usually a second mortgage.

The search is made purely against the specified party’s name, but as with a full land charges search, you should search against the full correct name and all known variations of that name and its spelling. … If entries are found against any of the names searched, the results will be in Form K18.

What happens if property not on land registry?

If your property isn’t registered, it doesn’t mean there is a problem with your ownership – it simply means there hasn’t been a transaction to trigger the requirement to register since it became compulsory for your area. … To sell an unregistered property you need to produce the physical title deeds.

How do I remove a charge from my property?

2 Answers. The creditor needs to remove it if it is fully paid otherwise you can take them to court to get an order for its removal. Fill in form CN1 from Land Registry together with all your evidence that it has been paid in full.

What are statutory charges?

A statutory charge is a way to register an interest over a property. In this case, the charge is created over the retirement village land and secures each resident’s right to: live in their unit.

What are land charges searches?

Local land charges searches are normally required in the property-buying process. … The local land charges search will reveal whether a property is subject to a charge if that charge has been registered. The property will be subject to it regardless of whether it is registered or not.

What is a Class B land charge?

Class B – a right to automatically receive money from the estate owner, with no application, as a result of an Act of Parliament. … Class C (iv) – estate contracts – this class of charge includes the contract for the transfer of estate and purchase options.

What is the meaning of statutory?

1 : of or relating to statutes. 2 : enacted, created, or regulated by statute a statutory age limit.

What is another word for statutory?

In this page you can discover 16 synonyms, antonyms, idiomatic expressions, and related words for statutory, like: rightful, legal, lawful, , contractual, regulation, legislative, regulatory, enforcement, provision and discretionary.

What is a statutory role?

the laws that a company, a government organization, or the members of a particular profession must obey: By charging such high prices for electricity, the company was found to be in breach of statutory duty.

What is doctrine of notice in land law?

Under the doctrine of notice, a bona fide purchaser of a legal estate for value takes priority over any pre-existing equitable interest which is not registrable as a land charge, provided they did not have actual, constructive or imputed notice of their existence.