This article inquires into the meaning of a 'right' to water. It examines how the nature and content of such a right may be changing in the context of greater emphasis in environmental regulation on water stewardship which seeks to tackle risks of water scarcity. In the UK, for instance, water abstractions have been further regulated through the Water Act 2003 and additional reforms are proposed by the draft Water Bill HC (2013-4). The article locates its analysis in literature on the qualification of private property rights through natural resource management, and in the developing socio-legal literature on the intersection between rights and regulation. We critically engage with this literature on the basis of qualitative empirical research about how farmers in England think about a right to water. Our pilot project confirms some accounts in the literature, but questions others. We find empirical support for thinking about rights that is qualified by stewardship practices, but we suggest that conceptions of rights need to be broadened to include administrative concepts, including collective rights to water. On the basis of our data we develop an eco-socio-legal perspective that foregrounds three interpretive frames for understanding how conceptions of rights to water are generated. These are the institutional-legal framework of abstraction licensing in England and Wales, perceptions of the natural space which is governed by this legal framework, and, the economic context in which rights to water are exercised.