Lecture 9 - co ownership Flashcards
what is co ownership (concurrent)
the name given to a situation where 2 or more people own land at the same time. either as freehold or leasehold
what is the unity of possession
this means that each co owner enjoys an entitlement to possess the co owned land
what is one of the fundamental features of a co ownership
all forms of shared ownership must operate behind a a trust meaning wherever there is co ownership a trust will arise
what are the 2 forms of co ownership
joint tenancy and tenancy in common
what is joint tenancy
where each co owner is regarded as being wholly entitled to the land
what are the 4 unities and whats there significance
a joint tenancy can only exist where we have the 4 unities which all need to be found.
-the unity of possession - co owners enjoy an entitlement to possess the whole of the co-owned land
-the unity of interest - co owners must each hold the same identical interest in the land
- the unity of title - co owners must acquire their identical interests from the same act e.g from the same conveyance
-the unity of time - co owners must all have acquired their interest at the same time
what is the doctrine of survivorship
it is when if one tenant dies her interest automatically passes to the remaining joint tenants. this is seen in joint tenancy
what is severance
where under joint tenancy joint tenants can separate their interest from other joint tenants. the interest in land will now become a share of the co owned land and the co owner becomes a tenant in common
what is tenancy in common
where instead of joint tenancy the co owners interest in land is shared
what is the position of co ownership at law
- at law co ownership only exists under a joint tenancy s1(6) lpa 1925
- no tenancy in common at law and no severance of joint tenancy s36(2) of the lpa 1925
- theres a limit to the no. of people who can exist as co owners at law. under s34(2) no more than 4. where theres more than 4 only first 4 will be registered co owners
what is the position of co ownership at equity
in equity co owners can be either joint tenants or tenants in common and in order to decide which they are we ask if 1. any express declarations of trust
2. the presence or otherwise of the 4 unities
3. the application of various equitable presumptions which are that 1. equity follows the law 2. equity prefers a tenancy in common 3. unequal contribution to purchase price
what are the different methods of severance
forfeiture, by mutual course of dealings, by mutual agreement, joint tenant operating on own share and by written notice
