Revision Book Flashcards
What is the definition of a joint tenancy?
Joint tenancy exists when there are no shares, property is not divided up and the four unities are present.
What are the two vital points of co-ownership?
Co-owners cannot hold legal estate as tenants in common
Right of survivorship meaning a person cannot leave their part of the tenancy to anyone in their will.
What is the maximum number of joint tenants?
When all co-owners are of full age there cannot be more than 4 (s34(2) LPA 1925.
What happens if there are more than 4 people named in the question in the exam for owning the legal estate?
If they are all 18 and over you take the name of the first four people for the legal estate and they all take an equitable interest in the property.
What is a tenancy in common?
It exists where the beneficial owners have shares in the land.
Are the four unities needed for a tenancy in common?
No, only possession but often the others are also present.
Does the right of survivorship apply to a tenancy in common?
No.
If the question does not make it clear that it is a joint tenancy or a tenancy in common what do you need to look out for?
Words of severance or presumption of equity.
What are words of severance?
In equal shares (Payne v Webb)
Equally (Lewen v Dodd)
To be divided between (Peat v Chapman)
What is a presumption of equity?
In the following cases equity presumes there is a tenancy in common:
Purchase in unequal shares (Bull v Bull)
Where there is a relationship of commercial character (Re Fuller)
An express agreement to hold as joint tenants will override these presumptions.
What should you refer to a joint tenant as having and a tenant in common having with regards to land?
A joint tenant has an interest and a tenant in common has a share.
How can you sever a joint tenancy?
By notice in writing (s36(2) LPA 1925 says you may give notice to sever to all other joint tenants which must be done in writing (s196(1) LPA 1925); 88 Berkeley Road; Kinch v Bullard) In equity (Williams v Hensman)
What were the methods of severance in equity as set out in Williams v Hensman?
- An act of any one of the parties operating on their own share (sale of a beneficial interest or bankruptcy of one of the joint tenants)
- Mutual agreement (Burgess v Rawnsley one party agreed to buy the others share in the property)
- Any other course of dealing which shows all were treating as a tenancy in common (Burgess - negotiations for sale of their share)
When does a trust of land come into existence?
It automatically comes into existence when the legal title is held by joint tenants (Trusts of Land and Appointment of Trustees Act (TOLATA) s36(1) LPA 1925 as amended by TOLATA).
What section of TOLATA deals with the power of trustees?
S6 TOLATA 1996 they have the powers of an absolute owner of the land but must put the interests of the beneficiaries first (Cowan v Scargill). They must transfer land to the beneficiaries when they come of age regardless of whether this has been requested.
