Co-ownership Flashcards
When do concurrent interests arise?
Where people are entitled to possession of land at the same time. Normally referred to as co-ownership.
Whenever there is more than one person entitled to possession of land (there is a co-ownership) a trust automatically arises. name the 2 statutes where a trust automatically arises.
Under
s36(2) Law of Property Act 1925
Trusts of Land and Appointment of Trustees Act 1996.
What is the role of a trustee?
Trustees hold the legal estate and have the the right to deal with the land. Trustees are looking after the land on behalf of the beneficiaries
What is the role of a beneficiary
Beneficiaries hold a beneficial interest recognised in equity.
They have the right to the proceeds of the sale.
The also have the right to be consulted if the trustees wish to sell or mortgage the property.
What are the 2 different types of co-ownership?
Joint tenancy
Tenancy in common
What statute states that only trustees can own land as joint tenants?
s1(6) Law of Property Act 1925
When does the doctrine of survivorship apply
In joint tenants and upon the death of a joint tenant.
Name and describe the four unities.
Possession - each tenant is entitled to possession of the whole land
Interest - the interest of each tenant must be the same
Time - the interest must arise at the same time.
Title - each tenant must gain their title from the same document.
What is the concept of overreaching governed by?
S2 Law of Property Act 1925.
Under s34(2) Law of Property Act 1925, how many joint tenants can there be at any one time?
4
How does a joint tenancy exist
In law and in equity
How does a tenancy in common exist?
Equity
What share do tenants in common own in the land?
A notional share
What is the only unity that applies in a tenancy in common?
Possession
What is severance?
A method by which a beneficial joint tenancy is converted into a beneficial tenancy in common.
