The Significance Of The Landlord And Tenant Act 1954 Essay

The Significance Of The Landlord And Tenant Act 1954 - Essay Example Such a change was the outcome of rebalancing the rights that existed between the tenant and the landlord as documented in 1988 as well as 1996 Housing Acts. From this time henceforth, investment returns became economically viable once more and this encouraged property owners, investors, and small landlords to penetrate the lettings market. The alterations in the laws of England and Wales accompanied changes in the demographics of the populace meaning that the contemporary lifestyle started favoring renting due to its elasticity. All land in England today is the property of the state, although it remains in Freehold before going back to the state when there are no rightful heirs anymore. A freeholder refers to the lifetime owner of a property. Based on the Law of Property Act 1925, the claim to land ends when a person dies without leaving behind any legitimate heirs. The focus of the Law of Landlord and Tenant concentrates on the contract agreements that allow the tenants to take occu pancy of a piece of property for a length of time in return for periodic payments of rent. Modern property law has a dual nature and is quite complicated. First, its basis is the common law of contract that has changed in the course of the past few centuries. Nevertheless, the legislature has the power to modify or override the common law by passing statutory regulations and codes. Contemporary property laws, as well as legal systems, vary throughout the Western world despite the fact that the fundamental legal doctrines are similar.