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Co-Ownership
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- 1Define: Co-ownership.Forms of ownership in which 2 or more people are entitled to possession at the same time. They include joint tenancy and tenancy in common.
- 2What concept do we have from the Law of Equity?Trust Law
- 3What is a Trust?A TRUST enables 2 or more people to own the same piece of land at the same time.
EG: a husband and wife
- in fact they hold the title in trust for each other - 4what are the 2 titles in trust property? Explain their roles in with eachotherTrustees and Beneficiaries
They trustees hold on behalf of the beneficiaries. - 5Explain: TrusteesHold the legal estates, eg: in land, paintings, or investments
Who has the duty to administer property for the benefit of others, or for a purpose recognized as creating a valid trust.
IN LAND: Have all the powers of an absolute owner (Trusts of Land and Appointment of Trustees Act, 1996 s.6) - 6Explain: BeneficiariesHold an equitable interest, eg: Beneficial Interest
Person entitled in equity to property held on trust. - 7What says that a trust of land must be in writing?LPA 1925 s.52 (1)(b)
- 8After 1925 what is the legal title?The legal title is always a JOINT TENANCY.
- 9What are the equitable titles?There are 2 equitable titles.
JOINT TENANCY and TENANCY IN COMMON. - 10How do legal and equitable titles work?(Say 2 people own a house) They will own both the LEGAL ESTATE and the EQUITABLE INTEREST on trust for themselves and the other co-owner.
- 11JOINT TENANCY - explain the general jistEach JT owns the WHOLE property not just a share of it - the share is expressed in value of the land - no owner may sell their "share" because they don't have a share but the whole as a joint entity
There is the right of survivorship - legal title passes to surviving JTs - cannot be left to someone through will - 12How do you know it's a JOINT TENANCY?There must be UNITY! (PITT)
P - POSSESSION - all co-owners must be equally entitled to the whole of the land
I - INTEREST - all co-owners must have same interest
T - TITLE - all co-owners must derive their title from the same document
T - TIME - all interests must vest as the same time - 13How many co-owners can you have?LPA 1925 s.34 (2)
- there cannot be more than 4 co-owners (all full age)
- if so: the first 4 are JTs and the others only have equitable interest (until one passes away)
***NB - the LEGAL ESTATE will vest them as JT's (only the first 4 are on the deed) - 14TENANCY IN COMMON - explain the general jist- only a share in the land - not physically divided but no one owns the whole
- there is no right to survivorship - shares may be left in wills or to heirs
- there is only one UNITY - Possession - in a JT if any is missing it becomes a TinC
- each co-owner is entitled to a separate undivided share in the land
***NB: legal title cannot be held as a TinC so above is only of EQUITABLE TITLE - 15Define: Severance in EquityTo sever the joint tenancy in equitable interest.
It is not possible to sever a legal title - therefore severance must take place "behind the curtain" - 16What METHODS can you use to sever the equitable interest?1. "Acting on your own share"
2. Mutual agreement of the joint tenants
3. Mutual conduct of all existing joint tenants
4. Notice in writing - 17Williams v HensmanWilliams v Hensman 1861
- a money fund was bequeathed to be invested in stock to pay an annuity to A "the principle to go to kids at death"
- HELD: JT
- "Acting on your own share"
- Insolvency Act 1986?? - 18Burgess v RawnsleyBurgess v Rawnsley 1975
- Elderly couple
- There IS severance - Mutual agreement of the joint tenants - 19Harris v GoddardHarris v Goddard 1983
- NO severance - Mutual conduct of all existing joint tenants - 20Re Draper's ConveyanceRe Draper's Conveyance 1961
- There IS severance - notice in writing - 21Re 88 Berkley RoadRe 88 Berkley Road 1971
- Divorcing, but same house, living apart but not separate
- Woman signed for post AKA notice letter and left for spouse
- NO severance - 22TOLATA or TLATATrusts of Land and Appointment of Trustees Act 1996
- imposes a trust of land on all co-owned land
- all prior "trusts for sale" are converted into trusts of land - 23Primary reason in TLATA s.1 (1)(a) is to occupy land not really SELL. Explain.Trusts of Land and Appointment of Trustees Act 1996
- trust of land means any trust of property which consists of or includes land - 24What are the 2 different types of trusts?EXPRESS Trusts
and
IMPLIED Trusts - 25When do trusts arise?- JT's in Law
- TinC's in Equity
- Conveyance to co-owners (where one is a minor) - 26Trustees have the powers of an absolute owner. What are they?Trusts of Land and Appointment of Trustees Act 1996 s.6
- Sell
- Lease
- Grant a Mortgage
(powers must be exercised for the benefit of beneficiaries) - 27TLATA s.9Trusts of Land and Appointment of Trustees Act 1996 s.9
- trustees may delegate their powers to beneficiary - 28TLATA s.11 (1)Trusts of Land and Appointment of Trustees Act 1996 s.11 (1)
- trustees must consult with beneficiaries "as far as practicable" - 29TLATA s.12Trusts of Land and Appointment of Trustees Act 1996 s.12
- beneficiaries have the right to occupy (provided they have an interest in possession) - 30TLATA s.13Trusts of Land and Appointment of Trustees Act 1996 s.13
- exclusions of the right to occopy - 31TLATA s.14Trusts of Land and Appointment of Trustees Act 1996 s.14
- court has wide power to make any order in its discretion relating to land which is trust property
- EG: order for sale - 32TLATA s.15Trusts of Land and Appointment of Trustees Act 1996 s.15
- has the "Guidelines" for exercising court's discretion in s.14 - 33What MUST the courts have regard to?- the INTENTION of the settlor
- the PURPOSES for which the property is held on trust
- the WELFARE of any minor
- INTERESTS of any secured creditor of a beneficiary
- the WISHES of majority of beneficiaries with interests in possession - 34Bank of Baroda v DhillionBank of Baroda v Dhillion 1998
- Case decided under old section of TLATA house had registered title under the husband's name who has mortgaged house to bank and couldn't pay but it was a matrimonial house
- Mrs. D came in with overriding rights because she's an actual occupant
- Under TLATA 1996 s,14 court have the power to make an order as they see fit - 35—
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- Final Exam (Co-ownership) Property Law Fichas sobre Co-Ownership, creado por Ravneet Bola el 01/01/2016.
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- Ravneet Bola
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