Co-ownership Flashcards
What is concurrent ownership?
Where 2 or more people own the same freehold or leasehold estate in the same piece of land at the same time.
All co-owners are entitled to the possession of the land simultaneously.
When is a trust of land imposed?
Whenever land is owned jointly by persons who are unmarried, a trust of land (express or constructive) is imposed to reflect the contributions to the purchase price.
What are the characteristics of legal title?
- Held only as joint tenants
- By a maximum of 4 people who are 18 and of sound mind.
- Requires 4 unities
- Cannot be severed.
What are the characteristics of equitable title?
- No maximum number of owners
- Only need unity of possession
- Can be joint tenants or tenants in common
- Joint tenants can sever to be tenants in common
- Can be held by children and persons who are not of sound mind.
What are the 4 unities?
- Unity of Title = all derived title from same document
- Unity of Possession = each entitled to exclusive possession of the property
- Unity of Time = interests must all commence at the same time
- Unity of Interest = must all have interest of the same nature and duration.
When is a resulting trust imposed to reflect contributions to land?
Where the land is not a family home but rather a commercial premises, imposed proportionate to the financial contributions of each person.
When is a common intention constructive trust imposed on land?
To reflect the legal ownership of a family home owned by persons who are not married. On separation, a married couples’ home will be treated as matrimonial property and regulated according to the rules on divorce. By contrast, family home of cohabitees regulated by CICTs.
Can a trust over land be express?
Yes, can be in writing and signed by grantor (s.53(1)(b)).
How can equitable title be held as tenants in common?
Presumption that equitable title is held as joint tenants (because principle is that equity follows the law); however, can be rebutted by express declaration that held as tenants in common (i.e “equally” or “in equal shares”).
What are the methods by which equitable title can be severed to be held as TICs?
- By notice in writing
- By other Acts or things
* Unilateral act (charge, sale, gift or other disposal of interest)
* Mutual agreement
* Mutual conduct (ie mirror wills).
How can disputes over co-owned land be resolved?
The court’s can hear disputes related to co-owned land by virtue of TOLATA 1996 (Trusts of Land and Appt of Trustees Act 1996).
Claim by:
* Trustees
* Beneficiaries
* Mortgagee
* Trustee in bankruptcy
Court can order the trustees to do something (i.e sell part of land etc) but cannot order one beneficiary to buy it from the other.
In deciding this, court will consider: welfare of any minors, intentions of parties, purpose for which land acquired (i.e family home), interests of beneficiaries.
