Property Law Essay Example | Topics and Well Written Essays - 2000 words - 4

Property Law - Essay Example rchase; Dave has an equitable interest in the leasehold of the garage for the duration of ten years, and; Max has at least a vested interest in the property because he has been living in its grounds during those times when Bob was not around. The circumstances under which Peter bought the property seemingly fall squarely with the textbook definition of the term â€Å"bona fide purchaser for value without notice.† A bona fide purchaser for value without notice is defined as a buyer of the land for a considerable sum of money without knowledge of existing equitable interests over the land. Title at law is enforceable against the whole world. â€Å"A person who is such a bona fide purchaser for value and without notice is known as ‘equity’s darling’, and will take a legal estate free from equitable interests.1 In other words, a bona fide purchaser for value with legal title and without notice therefore has a right against everyone including equitable titles and interests. Bob contributed to the purchase price in the amount of GBP 50, 000 and took up residence within the Wimbledon Property, first in the main house and later, when his relationship with Vicky went sour, converted the barn to a residential building and continued his residency there. His clothes and his other things are left in the converted barn. Albeit that he now lives during the weekdays with a girlfriend in the city, he showed no intention of abandoning his stay in Wimbledon. As a matter of fact, he allowed his brother Max to keep house during the times he was away. On the basis of his contribution to the purchase of the house, Bob has acquired an equitable right over the property, notwithstanding that this was an amount not so huge vis-à  -vis Vicky’s GBP 400.000. Prior to the present land registration law viz., The Land Registration Act of 2002, there was no need to register equitable interests, only ownership over the land. As discussed above, however, even equitable rights can be defeated.