Co-ownership and Trusts Flashcards

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1
Q

Rebutting the presumption that co-owners will be joint tenants in equity because equity follows the law

A

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

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2
Q

Can severance occur by a will?

A

No, severance must be during the lifetime of the co-owner. A will only takes effect on death.

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3
Q

Conditions for written notice to effect severance?

A

Must express desire to end joint tenancy immediately

Must be received by all other joint tenants

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4
Q

Written notice of severance - postal rules

A

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

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5
Q

Informal severance

A

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)

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6
Q

S 14 TOLATA 1996

A

A trustee or any person who has an interest in the property may make an application to the court for an order.

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7
Q

What factors will the court consider when making an order under s 14?

A

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

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8
Q

Conditions to own the legal estate

A

Max. 4 trustees
Must be 18 or over

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