Co-Ownership

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Final Exam Property Law (Co-ownership) Flashcards on Co-Ownership, created by Ravneet Bola on 01/01/2016.
Ravneet Bola
Flashcards by Ravneet Bola, updated more than 1 year ago
Ravneet Bola
Created by Ravneet Bola about 7 years ago
140
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Resource summary

Question Answer
Define: 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.
What concept do we have from the Law of Equity? Trust Law
What 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
what are the 2 titles in trust property? Explain their roles in with eachother Trustees and Beneficiaries They trustees hold on behalf of the beneficiaries.
Explain: Trustees Hold 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)
Explain: Beneficiaries Hold an equitable interest, eg: Beneficial Interest Person entitled in equity to property held on trust.
What says that a trust of land must be in writing? LPA 1925 s.52 (1)(b)
After 1925 what is the legal title? The legal title is always a JOINT TENANCY.
What are the equitable titles? There are 2 equitable titles. JOINT TENANCY and TENANCY IN COMMON.
How 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.
JOINT TENANCY - explain the general jist Each 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
How 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
How 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)
TENANCY 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
Define: Severance in Equity To sever the joint tenancy in equitable interest. It is not possible to sever a legal title - therefore severance must take place "behind the curtain"
What 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
Williams v Hensman Williams 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??
Burgess v Rawnsley Burgess v Rawnsley 1975 - Elderly couple - There IS severance - Mutual agreement of the joint tenants
Harris v Goddard Harris v Goddard 1983 - NO severance - Mutual conduct of all existing joint tenants
Re Draper's Conveyance Re Draper's Conveyance 1961 - There IS severance - notice in writing
Re 88 Berkley Road Re 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
TOLATA or TLATA Trusts 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
Primary 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
What are the 2 different types of trusts? EXPRESS Trusts and IMPLIED Trusts
When do trusts arise? - JT's in Law - TinC's in Equity - Conveyance to co-owners (where one is a minor)
Trustees 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)
TLATA s.9 Trusts of Land and Appointment of Trustees Act 1996 s.9 - trustees may delegate their powers to beneficiary
TLATA s.11 (1) Trusts of Land and Appointment of Trustees Act 1996 s.11 (1) - trustees must consult with beneficiaries "as far as practicable"
TLATA s.12 Trusts of Land and Appointment of Trustees Act 1996 s.12 - beneficiaries have the right to occupy (provided they have an interest in possession)
TLATA s.13 Trusts of Land and Appointment of Trustees Act 1996 s.13 - exclusions of the right to occopy
TLATA s.14 Trusts 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
TLATA s.15 Trusts of Land and Appointment of Trustees Act 1996 s.15 - has the "Guidelines" for exercising court's discretion in s.14
What 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
Bank of Baroda v Dhillion Bank 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
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