Transcript Slide 1
Co-Ownership •2 types of co-ownership •Severance of a joint tenancy •Co-owners & TOLATA 1996 •Purchasing property from coowners 2 types of Co-Ownership • Trusts of Land and Appointment of Trustees Act 1996. • Trust of Land: – Joint Tenants Tenants in Common Joint Tenants The ‘Four Unities’ • • • • Time Title Interest Possession – Bull v Bull [1955] 1 QB 234 Joint Tenants • Words of severance – Payne v Webb (1874) LR 19 Eq 26 – Lewen v Dodd (1595) Cro Eliz 443 – Peat v Chapman (1750) 1 Ves Sen 542 • Survivorship Tenants in Common • Unity of possession – Bull v Bull [1955] 1 QB 234 • Equitable presumptions: – Unequal contributions to the purchase price – Speculative nature of ownership – Money advanced on mortgage by joint mortgagees – Premises held for more than one business purpose • Malayan Credit Ltd v Jack Chia – Mph Ltd [1986] AC 549 Position in Law & Equity Law (JT) Equity (JT/TIC) • S.34(1) & (2) LPA 1925 • S.36(2) LPA 1925 Severance of a Joint Tenancy • Reasons for severing Joint Tenancy: – survivorship • S.36(2) LPA: – Notice in writing – Do such other acts or things…effectual to sever the joint tenancy – Williams v Hensman (1861) 1 John & H 546 • Equal shares on severance – Goodman V Gallant [1986] Fam 106 Severance of a Joint Tenancy A,B,C,D A,B,C,D A,B,C,D A B,C,D B,C,D B,C,D, B,C,D X B,C,D Severance of a Joint Tenancy B,C,D B,C,D C CD X C CD Notice in Writing • How serve? – S.196(4) LPA: – Registered/recorded delivery letter – S.196(3) LPA: – Leave last known place of abode – Re 88 Berkeley Road NW9 [1971] Ch 648 – Kinch v Bullard [1999] 1 WLR 423 – Grindal v Hooper [1999] EGCS 150 Williams v Hensman “A joint tenancy may be severed in three ways, in the first place, an act of any one of the persons interested operating upon his own share…secondly a joint tenancy may be severed by mutual agreement. And in the third place, there may be a severance by any course of dealing sufficient to intimate that the interests of all were mutually treated as constituting a tenancy in common.” Williams v Hensman • ‘An act..operating upon his own share’ – Sale – Bankruptcy – Mortgage • First National Securities v Hegarty [1984] 1 All ER 139 Williams v Hensman • Mutual Agreement – Express – Implied • Burgess v Rawnsley [1975] 1 Ch 429 • Re Woolnough [2002] WTLR 595 • Course of dealing “It is sufficient if there is a course of dealing in which one party makes clear to the other that he desires that their shares should no longer be held jointly but be held in common” Co-Owners & TOLATA 1996 • Sale – Consultation (s.11) – Court order sale (s.14) – Factors court must take into account (s.15): • • • • Intention of persons who created trust Purpose for which trust property held Welfare of any minors Interests of any secured creditors/beneficiary Co-Owners & TOLATA 1996 • Sale – Mortgage Corporation Ltd v Shaire and others [2000] EGCS 35 – Bank of Ireland Home Mortgages Ltd v Bell and Bell [2001] 2 FLR 809 Co-Owners & TOLATA 1996 • Right to occupy land – Right to occupy (s.12) – Exclusions & restrictions on right to occupy (s.13) • Have regard to intentions of person who created trust • Purpose for which the land is held • Wishes of all beneficiaries who entitled to occupy Purchasing Property from Co-Owners • Overreaching provisions • Valid receipt for purchase money • Sale by sole surviving joint tenant – Registered land • Restriction on the register? – Unregistered land • Law of Property (Joint Tenants) Act 1964 • Memorandum of severance?