There are various interests in land. They are classified into equitable and legal interests. Legal interests are the registered interests while equitable interests are not registered.Equitable interests: an equitable interest may be formally created by written agreement of the parties or by operation of law where of parties enter into a specifically enforceable contract to convey or create a legal interest.In LYSAGHT V EDWARDS (1876) 2 CH D 499 the court held that, the movement you have a valid contract for sale, the vendor becomes in equity trustee for the purchaser of the estate sold and the beneficial ownership passes to the purchaser, the vendor having a right to the purchase-money, a charge or lien on the estate for the security of the purchase money and the right to return possession of the estate until the purchase money is paid, in the absence of express contract as to the time of delivering passion.

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