Zusammenfassung der Ressource
Co-ownership
Landlaw
- Trust of land
- TLATA 1997 : effective on 1 Jan 1997
- S1 (1)(a) Any trust of property which consists of or includes land
- S1(2)(a) exception of strict settlement already exsisting on 1 Jan 1997
- S1 bare trust are included as trust of land
- Structrure
- Imposition
- Duty
- Separation of legal and equitable,
imposing the power of trustees
- LPA 1925 trust for sale in
all cases of co-ownership
- S34(2) and 36 : whenever land was
expressly conveyed to more than 1
person
- s24(3) and s36 : trust imposed whenever
land was left to the will to more than 1
person
- Abolition of trust for sale :
replaced with a new concept
of" trust of land"
- Reform in TLATA 1996
- as 1 Jan 1997S1(2)(b)
- S4 TLATA : trustee has power to
postpone the sale despite in any
provision to contrary
- trust of land created
after 1 Jan 1997
- S34 and 36 : amended now in para 3,4
schedule 4 TLATA 1996 since 1 Jan 1997
- S5 and para2 : without duty to sell
- Abolition of doctrine
of conversions
- S3 TLATA 1996 : abolished doctrine as it
applied to trust for sale - continues apply
to trust of sale created by will : testador
died before 1 Jan 1997
- still applies where a vendor
contracts to sell land
- Nature
- Joint Tenancy ( JT)
- The four Unities:
AG Securities v
Vaughan
- Possession
- Interest
- Title
- Time
- Right of survivorship
( Jus accrescendi)
- When one JT dies - his/her
interest in land passes to
surviving Jts
- Does not pass under his
will or intestacy
- Right of survivorship acts
IMMEDIATELY on death
- whereas a will is operative on
death so survivorship takes
effects first ( RE CAINES
deceased)
- Ultimate suvivor of all the joint tenants will
eventually be the sole owner of the land
- Tenancy in
Common (TIC)
- The Unities
- Only unity possession is essential
- each co-owner has a distinct "undivided share in the land"
- Tenants have quite separate interests, although while the
tenancy lasts no-one can say which od them owns any particular
part of the land - hence share bing undivided
- No right of
survivorship
- Deceased's share will pass
under his/her will or the rules
of intestacy
- The legal title
(Trustees)
- Post 1925
- LPA 1925 abolished legal TIC : legal title must now
ALWAYS be held by way of a JT s1(6) LPA 1925
- No severance of legal JT so as to create a TIC : s36(2) LPA 1925
- Limiting legal title to a JT ensures that the right of survivorship operates
- S34(2) Trustee Act 1924 : max 4 legal owners
- Pre 1925
- JT caused few problem :
Number of legal owners
would just decreases as
owner died
- But TIC at law may have required a
purchaser to investigate numerous
tittles causing conveyancing
difficulties
- The equitable Interest
( Beneficiaries )
- Deal with the actual ownership if land - trustees have
a role of managing the property
- The four Unities
- For a JT to exist L 4U must be present
- If one or more of the unities are missing, the equitable
interest CANT be held as a JT
- Express declaration
- Event where all 4U are present: its still possible for the equitable
interest to be held Either as a JT or a TIC