Co-ownership Flashcards
What types of estate in land can co-ownership happen
Both leasehold and freehold estates
There can be only one exclusive owner or there can be multiple owners
Why would some ppl become co-owners?
If the person cannot afford to purchase property on their own
If they’re a couple or family and want to co-own so that land doesn’t have to be transferred and taxed upon death
What’s the main difference between a joint tenancy and a tenancy in common
State case
Mahon v lawlor
Key distinction is right of surviroshop in joint tenancy, when all joint tenants die but one, the remaining tenant will accrue all the interest in the property and the joint tenancy will dissolve
What are the benefits of joint tenancy
No taxation cuz properly isn’t transferred
What legislation concerns joint tenancy
Section 4c of the succession act
Section 4c of the succession act
Provides that upon death, a joint tenant will not have any interest in the land that they can dispose of in their will
State the case on joint tenancy
Kearny v permanent tsb
Facts: concerned husband and wife who were joint tenants and they had separated. When wife died in her will she disposed of the whole property to the daughter and said that the husband only had a right of residence
Issue: could her will supersede right of survivorship
Held: the wife’s will was deemed as in effective because it could not terminate a joint tenancy. Her interest in the property was null upon her death.
Creation of joint tenancy: the 4 unions
Possession: all joint tenants have to have equal possession
Interest: all tenants must have the same kind of interest in the property, ie. All leaseholds or all freehold’s
Transaction- all must enter into the joint tenancy under the same transaction
Time- must enter into tenancy at same time
What is a tenancy in common?
Only entity concerned is possession
Each owner has their own discltinct share/ undivided share in the property that they can dispose of in their wills
However, common law will presume the existence of a joint tenancy unless co- owners explicitly state otherwise
What leg concerns tenancy in common
S91 of registration of title act
S91 of reg of title act
Co owners can register their interest in the land ok the land registry
Law will presume existence of joint tenancy unless otherwise given notice of tenancy in common
Equity presumption
StTs case
Equity will also follow law in that it presumes joint tenancy
McGrane v O’foghlu- there are some exceptional circumstances to rebut the presumption but here evidence wasn’t strong enough
What will rebut equitable presumption
Words of severance
Business relations
Unequal contributions
Words of severance
Twigg v twigg- beneficiaries of a will were indicative of a tenancy in common
Kennedy v Ryan- if parties explicit state that it is tenancy in common law will deem it as a tenancy in common
Business relations
Malayan credit v jack
Co business owners who co owned leasehold estate
Intention to have their own undivided shares that weren’t subject to the whims of survivorship
Each made different financial contributions to the property