Co-Ownership Flashcards
What is co-ownership?
property owned by more than one person at the same time
Benefits for co-ownership?
allows loved ones, business partners and others to purchase and benefit from the land
Forms of co-ownership?
joint tenancy and tenancy-in-common
What is joint tenancy?
each co-owner has full rights to the whole of the land - co-owners cannot act on their ‘share’ of the land, because they do not have one. they must collectively sell, transfer or burden the land
Joint tenancy requirements?
unity of possession, unity of interest, unity of time, unity of time
What is tenancy-in-common?
TICs hold an undivided share in the land. they have specific, precise and distinct shares in the beneficial interest in the property, they can deal with their share individually during their lifetime (e.g. by selling it)
What is severance?
the process by which a joint tenant is converted into a tenant in common
What are the methods of severance?
statutory methods, methods via Williams v Hensman
What are the statutory methods in severance?
notice in writing LPA 1925 and forfeiture (forfeiture act 1982)
What are the methods via Williams v Hensman for forfeiture?
mutual agreement, mutual course of dealing, JT operating on their own share
