Co-ownership and Trusts Flashcards
Rebutting the presumption that co-owners will be joint tenants in equity because equity follows the law
Where the property is acquired for business use
Unequal contributions to the purchase price
Where 1 co-owner has provided a far greater share of the finance for the home, e.g. by paying all the mortgage payments
Can severance occur by a will?
No, severance must be during the lifetime of the co-owner. A will only takes effect on death.
Conditions for written notice to effect severance?
Must express desire to end joint tenancy immediately
Must be received by all other joint tenants
Written notice of severance - postal rules
Registered post:
- when sent by registered/recorded letter, it is deemed to be sufficiently served if the letter isn’t returned undelivered
Ordinary post:
- sufficiently served when left at the last known place of abode or business in the UK of the person to be served, irrespective if it had been received by the intended recipient
Informal severance
Disposal of the equitable interest to a stranger or fellow joint tenant
By mutual agreement expressing an intention to severe joint tenancy, an oral agreement would suffice, supported by an intention to give valuable consideration
By mutual conduct
By bankruptcy
By homicide
Post-acquisition money management (family home bought in joint names of unmarried couple)
S 14 TOLATA 1996
A trustee or any person who has an interest in the property may make an application to the court for an order.
What factors will the court consider when making an order under s 14?
Intentions of settlor
Purposes for which the property subject to the trust is held
The welfare of any minor who occupies land subject to the trust as his home
Interests of any secured creditor of any beneficiary
Circumstances and wishes of any beneficiaries of full age and entitled to an interest in possession
Conditions to own the legal estate
Max. 4 trustees
Must be 18 or over