CO-OWNERSHIP

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  • Created by: CCGGreen
  • Created on: 29-11-17 09:51
What are the elements of joint tenancy?
Co-owners are not regarded as having shares, owners together own the whole estate and a JT cannot exist unless four requirement are satisfied (known as four unities). the unities are: (TTIP) TIME, TITLE, INTEREST AND POSSESSION
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In Joint Tenancy situations what is meant by right of survivorship?
Due to owning the whole land in joint tenancy if one dies the other has right of survivorship meaning they become sole beneficial owner and will be able to dispose of the house however they wish when they die.
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Which tenancy is capable of being legal and which is not in Joint Tenancy and Tenancy in common?
Joint Tenancy is now the only form of legal co-ownership S1(6) LPA tenancies in common of the legal estate could no longer be creates LPA 1925, S34(1).
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What did the 1925 legislation also say about trust?
LPA provided that in most forms of co-ownership the joint owners of the legal estate would hold it on trust for themselves. (trustee and beneficiary).
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Can a Joint Tenancy of a legal estate be severed?
A joint tenancy of a legal estate cannot be severed (S.36(2)LPA'25).
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How many joint tenants can hold a legal estate?
The number of joint tenants who can hold a legal estate is limited to four. First four named usually taken to be the legal owners (s.34 Trustee Act 1925)
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Which co-ownership can be equitable?
Both JT AND TIC can be equitable. Where the trust is an express trust, the parties are free to determine the extent of their entitlement in the declaration of trust
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How must an express trust be created in co-ownership situations?
An express trust can be created through a conveyance of land or through a declaration of trust. Declaration must be in writing S.53(1)(b) LPA 1925. Extent of share holding set out in the declaration of trust is conclusive (Goodman V Gallant)
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What happens when there is no express trust? (EX/ Where the trust is created through a constructive or resulting trust)
The law will imply or presume beneficial entitlement from their conduct. Where two or more people have land in their names with no express declaration as to how ownership is divided the law raises a presumption of joint tenancy (STACK V DOWDEN)
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When may this presumption be displaced?
Where there is circumstances which indicated a tenancy in common is more appropriate: Malayan Credit LTD V Jack Chai (where the parties intended to operate separate businesses from the same premises)
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When may the presumption be displaced cases
Lake V Craddock (Where the parties are commercial partners), Walker V Hall, Stack V Dowden and Jones V Kernott (Where there is an unequal contribution to the purchase price, where the parties have agreed to occupy separate areas of the property).
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Other cards in this set

Card 2

Front

In Joint Tenancy situations what is meant by right of survivorship?

Back

Due to owning the whole land in joint tenancy if one dies the other has right of survivorship meaning they become sole beneficial owner and will be able to dispose of the house however they wish when they die.

Card 3

Front

Which tenancy is capable of being legal and which is not in Joint Tenancy and Tenancy in common?

Back

Preview of the front of card 3

Card 4

Front

What did the 1925 legislation also say about trust?

Back

Preview of the front of card 4

Card 5

Front

Can a Joint Tenancy of a legal estate be severed?

Back

Preview of the front of card 5
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