C Flashcards
What is Co-Ownership? Give an example.
Whenever two or more people simultaneous concurrent interests in land.
Example: One of the most common instances is where 2 people purchase a home together.
What are the two types of Co-Ownership?
Joint Tenancy
Tenancy in Common
Finish the Sentence
Land that is _______ owned can only be held on _____.
Land that is JOINTLY owned can only be held on TRUST.
A trust provides for the division of land in two parts. Explain what they are.
- ) Legal Estate - Legal ownership of the Freehold or Leasehold Estate.
- Where a trust of land arises the legal estate in the land is vested in the trustees (legal owners) who hold on trust for the beneficiaries (or equitable owners)
- The trustees (maximum of 4) will hold the legal estate as joint tenants. The legal estate can never be split. - ) Beneficial Interest - Ownership of the proceeds of sale.
- The equitable (beneficial) interest may be held by the beneficiaries as joint tenants or as tenants in common. The beneficial interest can be held in shares.
Where the land is held jointly, it is often but not always the case that the joint owners are both the trustees and the beneficiaries e.g husband and wife.
What is Joint Tenancy?
Owning a property as beneficial Joint Tenants means the property belongs to both/all owners jointly. The joint tenants must all act together as a single owner, for example on a remortgage or a sale. They will not own specific shares in the property and they cannot give away a share of the property in a will. If you die, your interest in the property passes automatically to the other owner or owners.
What is Right of Survivorship?
When a property is owned by two or more people as joint tenants and one owner dies, the ownership of the property will automatically pass to the surviving owner(s). This is called the Right of Survivorship.
To remove a Joint Tenant from the Register following a death, what evidence does the Land Registry require?
They will require evidence of the death e.g Death Certificate
Name 4 ways a Joint Tenancy ends.
1) The whole property is transferred to one owner
2) The tenancy is converted into a tenancy in common, whether voluntarily or involuntarily, for example if one of the owners becomes bankrupt
3) The property is sold to someone else
4) One owner outlives all the others
What is Tenants in Common?
Owning a property as tenants in common means the property belongs to the owners jointly but they also own a specific share of its value.
When a property is hold as Tenants in Common, what happens when someone dies?
How is Tenants in Common enforced?
- There is NO Right of Survivorship
- If one of the tenants die, their share of the property passes to the beneficiary in their will . The tenants act together as a single owner.
- This is enforced by an entry on the register for the property known as a Form A Restriction:
” RESTRICTION: No disposition by a sole proprietor of the registered estate (except a trust corporation) under which capital money arises is to be registered unless authorised by an order of the court”
The effect of this restriction is that tenants must all be part of any transaction dealing with the whole of the property.
What happens when the Sole surviving tenant is selling the property?
A few scenarios can play out:
1) Grant of Probate for the deceased estate. The executor named in the GOP must be a party to the TR1 to overreach the Form A Restriction.
2) Additional Trustee Appointed. If the GOP appoints the solve surviving tenant as executor, or there is no GOP then an additional trustee will need to be appointed to overreach the Form A Restriction.
What is a Conservation Area? Give Examples.
An area specifically designated by the Local Authority for protection or enhancement because of their special architectural or historical interests.
There are over 8000 Conservation Areas in England. CA are varied in their type, and include centres of historic towns and cities, fishing villages, miningvillage, 19th century suburbs, historic parks etc.
The townscape of each Conservation Area is a unique combination of buildings, streets and open spaces together with trees, walls and other, often subtle features.
Dramatic change is rarely successful and even small changes (such as replacement doors and windows) can erode the particular qualities of the area.
How is Planning Permission affected with a Conservation Area?
If the property is within a Conservation Area then planning controls are extended to give greater protection particularly regarding such matters as the maximum size of house extensions, alterations to the rood, building in the garden, cladding the exterior with stone, tiles, timber etc and the sitting of satellite antennae.
It may be more difficult to obtain planning permission and, if granted , the permission may require more onerous conditions as to appearance and method of development.
Demolition, including the removal of only part of a building, structure, wall or fence in a Conservation Area, is a special case and may require “Conservation Area Consent”.
Consent for building work may also be required under the Building Regulations, particularly for structural alteration.
The requirements of a Conservation Area do not preclude development from taking place but does require that developments preserve or enhance the historic character of the area (e.g by using high quality materials)
How is Repairs affected by a Conservation Area?
Generally, repairs do not need Planning Permission unless they include alterations which significantly change the external appearance of a building or structure.
The essence of “repair” is that the work is carried out on a “like for like” basis, using matching materials and details.
How may Trees within a Conservation Area be effected?
Trees usually make an important contribution to the character of a Conservation Area
There are Restrictions on Trees within Conservation Areas and anyone planning to cut down a tree or carry out any pruning work is required to give the Local Authority at least 6 weeks notice in advance, to allow them to assess the tree and decide whether to make a Tree Preservation Order.
The purpose of the notification procedure is to give the Local Authority the opportunity to make a “Tree Preservation Order” in appropriate cases, normally where the Local Authority disagree with desirability of the proposed work.
The work may not start during that period without planning permission. If work is commenced without this, then the Local Authority can bring Criminal Proceedings and a fine could be imposed, together with the requirement to plant a replacement tree.
