Co-ownership Flashcards
What is a resulting trust?
A property is bought in A’s name but B makes a financial contribution.
e.g. if B paid 25% of the purchase price, A will hold the property on trust for A and B in a 75/25 ratio.
What is a constructive trust?
Imposed where is unconscionable for the legal owner to deny the interests of another person e.g. detrimental reliance on any agreement as to shared ownership that had been reached/could be inferred.
Key aspects of joint tenancy:
All co-owners constitute one single entity, they own the property as a collective entity.
Right of survivorship applies.
Tenancy in common - characteristics:
Each co-owner has a distinct but undivided share in the land. No survivorship, share passed with will.
What is the effect of severance?
If a joint tenant severs the equitable joint tenancy, they will hold a tenancy in common based on the number of former joint tenants (not the proportion of contributions made to the initial price).
Severance only affects the owner who instigates.
What is the effect of severance?
If a joint tenant severs the equitable joint tenancy, they will hold a tenancy in common based on the number of former joint tenants (not the proportion of contributions made to the initial price).
Severance only affects the owner who instigates.
Methods of severance?
Notice in writing - immediate intention, delivered.
Unilateral act by one JT - e.g. sale/gift it interest. Total alienation.
Partial alienation - temporary disposal of the interest by mortgage/lease.
Involuntary alienation - JT declared bankrupt.
Mutual agreement.
Mutual conduct.
Forfeiture following unlawful killing.
What factors under s15 TOLATA 1996 will the court consider re applications concerning disputes of land under s14 TOLATA 1996?
The intentions of the person/s who created the trust.
The purposes for which the property subject to the trust is held.
Welfare of any minor who occupies the premises.
Interests of any secured creditor of any beneficiary.
Circumstances/wishes of any beneficiaries of full age.
How many trustees can hold the legal estate?
A max. of 4 trustees can own the legal estate and only those 18 or over can hold the legal estate.
Where property is conveyed to anyone under 18, only those aged 18 and over can be the legal owners holding the equitable interest on trust for themselves and the minor.
When will a home right bind a buyer of registered land?
A home right will bind a buyer if it is protected by a notice in the Charges register by the date when the transfer of the property to the buyer is registered.
If so, seller should obtain from the non-owning occupier a release of all rights in the property and agreement to vacate in or prior to completion.
When will a home right bind a buyer of unregistered land?
The buyer’s solicitor should check if the right of occupation is protected as a Class F land charge at the central Land Charges department.
