What are the specific laws concerning Property Rights and Car Parking Essay

What are the specific laws concerning Property Rights and Car Parking in the UK - Essay Example All those who share common interests in the shared property should be aware there are three different types of 'free hold titles'. The first being a "fee simple free-hold title" simply stating what the complete interest in regards to the specific real estate can be. If said clients have a fee-simple free-hold title' then it entitles them to "unrestricted enjoyment of the property (subject to any relevant laws) including the right to dispose of property in any manner they see fit. This is also known as fee-simple absolution" http://www.consumerbuild.org. If residents possess a 'free-title life estate' then their rights will be limited in regards to the proposed property due to the understanding that they would not be the sole owner but considered a beneficiary instead. Finally, we come to the final type of 'free-hold title' which is "free-hold title stratum estate". It would seem that the developers of Rural Retreats and the investors deeds are similarly related in some respects to th is lease amend even though they have actual titles of ownership. What makes them similar is the fact that stratum estate, "records ownership of common property. The owners, (being the realtors and investors) s hare ownership of the common property. The owners become shareholders in the main property holding company that manages common areas such as; a garden, pool, garage, parking space, lifts and laundries." http://www.consumerbuild.org. For Rural Retreats and the purchaser's of the development, their common property shared would be, "Easy Access". They have the right to even sell or lease out their percentage in the parking area otherwise known as, "Easy Access". Although the homeowners and Rural Retreats have individually acquired these titles, they will not protect them from any problems arising out of "Easy Access", due to the fact that the register didn't implement any statute of ownership in the title for the parking area itself. There are ways around this though and they are legal and very easily taken care of. If Rural Retreats and the owners where to leave the present situation this way they would have no protection for themselves, in other words there is no proof of ownership in reality. Title insurance is available for any said property not disclosed in the title registry. Having the insurance will offer the protection needed to insure the owner's interests in the property from being encroached upon under differing and abnormal circumstances "The coverage is for as long as you own the land and it's a 'no fault' insurance so it is not necessary to prove intent or negligence by another party" http://www.consumer.org . Furthermore, after researching this problem more thoroughly for Rural Estates' and the various purchaser's involved, they all need to be completely clear to the fact that although they each share a free title to their share of said property; it is in a restricted way. The title restriction they all face is a "covenant" type one. This is due to the fact they all share sections of the same property and in regards to that there might be instances w here they cross over on one another's private sections of property. Also, the "covenant" seems to be a restrictive one in the fact that at the initial drawing up of the titles' it was implemented that "a prohibition against using the land for commercial purposes or further building" would not be tolerated. The property would remain exactly as it claims to be, 'a parking area for the residents of Rural Retreats' titled, "Easy Access". http://www.propertyworldme.com. Another detail that Rural Estate realtors and investors need to recognize