Fee simple is a type of ownership interest in real property that represents the most complete and comprehensive form of ownership recognised by law. It grants the owner (often referred to as the “fee simple owner”) full and unrestricted rights to use, possess, sell, lease, and transfer the property as they see fit, subject only to applicable laws, regulations, and government restrictions. The fee simple owner holds absolute title to the property for an indefinite period, with the right to pass the property on to heirs or successors through inheritance. Fee simple ownership is considered the highest estate in land and provides the greatest degree of control and flexibility over the property.
A ‘fee simple’ interest in land (see: Interestland and property) is a meta of Freehold interest that allows its owner and his general heirs the enjoyment of the land indefinitely. As with all freeholds, the fee simple is not conditional on the payment of rents (although it may be attached to a Rentcharge) and is not derived from the title of anyone else (with the notional exception of the Crown, perhaps). Historically there were several metas of freehold interest, including different metas of fee simple. The most important of these were the Entail (‘fee tail’) and the Life estate, both of which were lesser interests with an ultimate Reversion to the fee simple owner. Any of these interests could be ‘In possession’ or ‘In remainder’. Since the Law Of Property Act (1925), there has been only one freehold: the Fee simple absolute in possession. This means that the term ‘freehold’ may be used in a technical sense but, more often than not, is used as a shorthand for ‘fee simple absolute in possession’.
Definitions for Fee Simple are sourced/syndicated and enhanced from:
- A Dictionary of Economics (Oxford Quick Reference)
- Oxford Dictionary Of Accounting
- Oxford Dictionary Of Business & Management
This glossary post was last updated: 5th March, 2024.
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