Property
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Types of Property in the UK

A right of property is defined by a power granted at law whether in equity or at common law to transfer property to another. It may be assignable in an inter vivos transaction or devisable under a will, but is subject to the extent that the property can be disposed of in competition with other interests in the property.

Property is considered to fall under one of two categories, either real property or personalty. Within these two categories, real property consists of corporeal hereditaments (land) and incorporeal hereditaments (intangible rights). Personal property or personalty consists of chattels personal or chattels real.

Choses in possession are physical property capable of possession. Choses in action are enforceable rights that vest in a legal entity. These choses in action are the property that are the means to enforce rights in respect to the property. They may be debts, dividends, bills of exchange, intellectual property rights (but technically not patents), policy of insurance or a share in a company. So choses in action encompass all personal rights of property which can only be claimed or enforced by action.

Legal property can be dealt with by a declaration of a trust, an assignment, an agreement to assign and a constructive trust.

Equitable property can be dealt with by assignment, an agreement to assign, a declaration of trust, a direction to a  (whether legal property or equitable property), a disclaimer, nomination, a dealing by a trustee of a resulting trust.

An assignment is an immediate transfer of an existing property right, vested or contingent from the assignor to the assignee.