Co-ownership Flashcards
What legislative acts underpin co-ownership in property law?
The Law of Property Act (LPA) 1925 and the Trusts of Land and Appointment of Trustees Act 1996 (ToLATA 1996).
What case illustrates the application of overreaching principles in co-ownership?
City of London Building Society v Flegg [1988].
What characterises a joint tenancy?
Right of survivorship and the four unities: possession, interest, title, and time.
Which act addresses the concept of ‘immortal’ joint tenants, such as corporations?
The Body Corporate (Joint Tenancies) Act 1899.
How does tenancy in common differ from joint tenancy?
Co-owners hold undivided shares in the property, which can be passed on through inheritance, without the right of survivorship.
What are the four unities required in a joint tenancy?
Unity of possession, interest, title, and time.
What is a tenancy in common?
Does everyone have to own the same percentage of the property?
What is a joint tenancy
Does everyone own the same percentage of the property?
Tenancy in Common (TIC) is a legal arrangement in which two or more parties have ownership interests in a real estate property or parcel of land.
Tenants in common can own different percentages of the property. Tenants in common can bequeath their share of the property to a named beneficiary upon their death.
The term “joint tenancy” refers to a legal arrangement in which two or more people own a property together, each with equal rights and obligations. Joint tenancies can be created by married and non-married couples, friends, relatives, and business associates.
-Yes equal rights.
How can co-ownership exist at law according to the LPA 1925?
Co-ownership can only exist as a joint tenancy due to restrictions under sections 1(6) and 34.
In what forms is co-ownership recognized in equity?
Both joint tenancies and tenancies in common are recognised, allowing for a more nuanced distribution of interests.
What does ToLATA 1996 provide in the context of managing co-owned property?(What sections?)
Mechanisms for managing co-owned property, including the exclusion or restriction of occupation rights under section 13 and the court’s considerations in determining applications under section 15.
Through what methods can severance of joint tenancy occur in equity?
Written notice (LPA 1925 s.36(2)), acts on an individual’s share, mutual agreement, or a course of dealings indicating an intention to treat the joint tenancy as severed.
