Co-ownership of land Flashcards
What do co-owners of a legal estate always own land as in England and Wales?
Joint tenants
Joint tenants each own an ________ and _____ interest in the ______ of the property
undivided, equal, whole
Joint tenancy includes a right of ….
survivorship
Under the doctrine of survivorship, the deceased’s interest is _________ ______ in any joint tenant still ________.
A joint tenant subsequently can’t leave their share to someone in their ____
automatically vested, living, will
What is the maximum no. of legal owners/joint tenants and what is the minimum age?
No. - 4
Age - 18
Whenever land is owned by more than 1 person, a ______ of land automatically arises, and the co-owners have the behind-the-scenes _________ _________ interests in the property
trust, beneficial equitable
What are 2 ways equitable interests can be held?
- Joint tenancy
- Tenants in Common
Tenants in common own _________ interests, but these will not necessarily be _______
undivided, equal
Is there a right of survivorship in a tenancy in common? What is the effect of this?
No - a TIC can leave their interest to someone in their will
How is the behind-the-scenes beneficial interest usually evidenced for registered land?
Form A restriction on the Proprietorship register
What does a declaration of trust set out?
The agreement between co-owners as to how beneficial interest is to be held
Is a declaration of trust conclusive, meaning it applies irrespective of initial financial contributions between the parties?
Yes
What is a severance of joint tenancy?
Where a co-owner(s) convert their equitable interests from a joint tenancy to a tenancy in common
What are four ways to sever a joint tenancy?
- Notice in writing
- Treating their share as separate
- Form A restriction - agreement/notice
- Bankruptcy of a JT
What will a court presume if the intention of co-owners as to how they hold their beneficial interest is unclear?
That the beneficial interests are the same as the legal interest in the property (and so is a joint tenancy = undivided and equal)
What is overreaching?
Where purchase money from a buyer is paid to at least 2 trustees, the buyer will take the property free of the behind-the-scenes beneficiaries’ interest. The interest detaches from the land and attaches to the purchase money
Courts have held that where a mortgage advance is paid to two registered proprietors, payment has been made to two ______ and the interest of the behind-the-scenes beneficiaries will be __________.
trustees, overreached
If property is owned in the name of one party but there is someone else living at the property who has an interest in the property (e.g. a spouse who has contributed to the purchase price), courts are willing to allow the non-owning occupier to stay in ________ of the property, thus defeating the mortgagee’s ability to _________.
occupation, repossess
If co-owners cannot agree how or when to dispose of a property, what can a trustee/person with an interest in property subject to a trust (including co-owners) do?
Apply to the court for an order to sell
ss14 and 15 TLATA 1996 permit this.
