Co-ownership Landlaw

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

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Co-ownership Landlaw

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	Created by Twee Chan about 9 years ago