Business, Legal & Accounting Glossary
The owner of fee simple Estate in land is a Freehold owner: no rent is due to anyone (but see Rentcharge), and no-one has a stronger title to the land (with the notional exception of the Crown). ‘Absolute’ implies that the ownership is exclusive and ‘in possession’ means that the owner has the enjoyment of the property right now, rather than in the future. This is one of the two forms of legal estate established by the Law Of Property Act (1925), which dissolved all the others. The other form is the leasehold ‘Term of years absolute’.
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This glossary post was last updated: 6th April, 2020 | 97 Views.