Co-ownership and Trusts Flashcards
What are the three instances where I trust of land is created by the 1996 act?
-A landowner, intentionally set up a trust of the land by transferring title to the land, trustees for the benefit of others (and expressed trust)
- A person requires an interest in land owned by another due to their conduct - an implied trust
- Land is acquired by more than one person jointly, which is coownership
What is the first test to see if the equitable title to the property is held as a joint tenancy or as a tenancy in common
The Ford unities of possession, interest, title and time
What is the second test in deciding if the property is held as beneficial, joint tenants or beneficial tenants in common
The second test is it for the deed, transferring the land to the co-owners contains an express declaration - an express declaration is conclusive, and it does not matter the size of the contribution made by the co-owners
Such a trust may be expressed by saying transferred into their joint names, as express beneficial, joint tenants in equity
Conveyed to them as equal beneficial, joint tenants in equity
The transfer contained a declaration at all for owners were beneficial joint tenants
What is the third test in deciding if a piece of property is held beneficially as joint tenants rather as tenants in common
If the deed, transferring the land to the Kuners contains the words of severance
Words of severance are any words in the document of transfer that indicates that the co-owners are to have distinct shares, for example
I grant the house to my children to be divided equally between them
Two a and BN equal shares
Between a and B half to a and have to b
What is the fourth test and deciding of the beneficial titled Jia property is held as tenants in common or joint tenants, and when is this necessary?
The test is if the equity presumes the tenancy in common and this is needed, where are the conveyancer transfer, does not contain an express declaration, or words of severance
There is a presumption that co-owners will be joint tenants and equity on the basis that equity follows the law - so there is a presumption of the equitable interest will also be a joint tenancy. This presumption can be rebutted as follows:
When the property is acquired for business use - a person of business at 1:30 interest to go to their estate on their death, rather than to their business partners
Unequal contributions to the purchase price - equity, presume the tenancy in common with the size of their interest being proportionate to their contribution - however, this does not apply to the family home where the presumption of a joint tenancy applies even weather on equal contributions
Post acquisition money management in relation to a trust of the home. There is a strong presumption in favour of a joint tenancy and act an equity. This can be rude buses in exceptional circumstances where can be shown that one Corona has provided a far greater share of the finances for the home for example, and paying all of the mortgage payments and the majority of the outgoings.
Does a notice to Sevre joint tenancy need to be signed
No
What are the two requirements for severance to be effective in a notice?
It must use appropriate wording, which means that must express a desire to end the joint tenancy immediately expressing a future intention of desire is insufficient
It must be received by all the other joint tenants or deemed to have been received notice can be handed to the intended recipient or posted
What are the postal rules in relation to severance of joint tenancy via written notice?
The postal rules depends on whether ordinary or registered post is used
If registered post or recorded letter is used, it is deemed to be sufficiently served if the letter is not returned by the post office on delivered - so as long as the letter is not returned, having not been delivered, then it will be seem to have been served and the tenancy will have been severed
If ordinary post is used, any notice is sufficiently served if it is left at the last noon, please of abode or business in the UK of the person to be served 
What are the methods of informal severance of the joint tenancy?
Acts operating on the joint tenants share
Mutual agreement
Course of dealing
In addition, severance can be affected by bankruptcy, homicide and post acquisition money management
In using the ax operating on the joint tenants share, how can I join tenant sever the tenancy?
They can do Sue by disposing of their equitable interest by sale, gift, list or mortgage. This must be done in writing and be signed. - such a disposition would mean that the four unities are no longer present as between the joint tenants
In addition to selling gifting, leasing or mortgaging, your share in a joint tenancy can use a contract to dispose of the equitable interests after your tenancy
Yes, but bear in mind that specific performance must be enforceable, which means that you must have clean hands
What are the requirements for severance by mutual agreement
The joint tenant act together to sever the joint tenancy and must be supported by some valuable consideration
An oral agreement will suffice, and the agreement does not need to be carried through to performance, meaning that it is still possible. If no further action was taken by the party and one of the people died.
If someone later repudiates this after this does not act as relevant and a mutual agreement is still severed, see Mr James example, in relation to £750
What is the impact of bankruptcy on severance?
Any bankruptcy affecting a joint tenant, has the effect of severing the joint tenancy by causing an involuntary assignment of the equitable interest to the joint tenants trustees in a bankruptcy once the bankruptcy as discharge to equitable interest, reverts to the corner I will continue to hold it as a tenant in common
What is the impact of severance by homicide?
This applies for one joint tenant unlawfully killed another joint tenant in relation to a joint tenancy survivorship applies meaning of the survivor of the deceased joint tenant would benefit from the crime. It is therefore a rule of public policy to ensure that the wrong Jia does not benefit from the crime.
What does postacquisition money management mean in relation to severance?
Where are family home is bought in the joint names of an unmarried couple who were both responsible for any mortgage, but there is no declaration of their beneficial interest. The starting point is that actually photos from the law and their joint tenants in taught an equity, but that presumption can be rebutted by either the party, showing that they had a different common intention of the time of the acquisition, or the day later, for the common intention that their respective shares with change the fact that the parties are contributed to the acquisition of the home in an equal shares would not normally be sufficient to report the perception of a joint tenancy. However, the parties, intentions may change over time producing a type of constructive trust.
