Topic 2: Co-ownerships of Land EXAM Flashcards
What type of interests do the trustees and the beneficiaries hold in land?
Trustee = Legal interest, Beneficiary = Equitable interest
What are the two types of co-ownership splits?
Joint tenancy and Tenancy in Common
What is a Joint tenancy?
Where all the co-owners own the property collectively, nobody owns a specific share, everybody owns 100% together
What is a Tenancy in Common?
Where individual shares are allocated to each owner (e.g. 75% for person A and 25% for person B)
What are the four unities of Joint tenancy?
Unity of Possession, Interest, Title, and Time
What is the single unity of Tenancy in Common?
ONLY unity of Possession
What is the concept of survivorship for both joint tenancy and tenancy in common?
JT = Can’t leave shares in wills as everybody owns 100%, TiC = Shares can be left in wills (If there is issue of who died first the older one will be assumed to have died first)
What is the maximum amount of joint tenants in a legal Joint Tenancy?
A maximum of 4
What legal co-ownerships can exist?
ONLY Joint Tenancy
What equitable co-ownerships can exist?
BOTH Joint Tenancy and Tenancy in Common
What is the maximum amount of joint tenants in an equitable Joint Tenancy?
Unlimited, any amount
What is the principle of Severance?
The process by which an equitable Joint Tenancy is converted into an equitable Tenancy in Common
What are the statutory methods of severance?
LPA 1925, s36(2), (3), and (4) = Notice to others in writing, note must be left at correct place (If by post make it say correct names, addresses, and deliverability)
What are the common law methods of Severance?
- Acting on one’s own share 2. Mutual agreement 3. Course of dealing/mutual conduct
What are the four types of finding equitable/beneficial interests?
- Expressed trusts 2. Resulting (Implied) trusts 3. Constructive trusts 4. Proprietary estoppel
How are express trusts quantified? And what are the issues surrounding them?
Whatever is stated in the trust will apply (if it says 40-60 then that’s that) (If nothing is mentioned it will be split 50-50), issues exist with communication and that normal couples don’t talk about who owns how much
How are resulting (implied) trusts quantified? And what are the issues surrounding them?
Whatever amount of total purchase price was paid is your share (no contributions thereafter count, crystallisation), issues are that it focuses purely on financial contributions to purchase/mortgage (nothing in terms of household appliances, etc.)
If money is given as a gift to buy a house, can you claim to be a trustee?
NO; if the money was a gift you can’t claim to be a trustee
What is the presumption of advancement?
If a man gives his wife money it is assumed he tried to advance her (he would become trustee) (Does NOT apply vice-versa)
What are the two elements you need for Constructive trusts?
Common intention AND detrimental resilience
What is ‘detrimental resilience’ in constructive trusts?
Something done to “significantly alter his position in reliance on the agreement” (Can’t be something a good wife would do) (Must be outside the scope of something a good wife does) (Financial contributions are evidence)
How are ownerships quantified in Constructive trusts?
Always in favour of 50-50, if at the time of purchase the intention was different then that applies, if post-acquisition then can mutually agree to change
