Mary was the registered owner of Republican Acre, which she purchased with Daniel, who contributed 40% of the purchase price. Republican Acre comprises a house, in which they both live, and an adjoining field. Alex has an express easement over Republican Acre, giving him access to the river from his neighbouring property, but he now no longer uses the easement since he recently became scared of water. Last year Mary granted Alex a ten-year option to purchase Republican Acre for £5,000,000. In January 2016, Mary sold Republican Acre to Chad for £10,000,000 while Daniel was on a 3-month ‘round the world’ cruise and Alex was staying in their guest room because all the bathrooms were being renovated in his house. Chad is now the registered owner of Republican Acre.
(a) Advise Chad.
(b) How, if at all, would your advice differ in EACH of the following ALTERNATIVE circumstances:
(i) No purchase monies arose on the disposition to Chad as the house was a gift from Mary;
(ii) Chad only paid £1 for Republican Acre?
(iii) Chad had insisted that Mary appoint another trustee to sign the receipt for the payment of the purchase price.
(c) Describe, how, if at all, your advice in (a) and (b) would differ if title to the land was unregistered and each transaction was carried out solely subject to the rules of unregistered title.
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- Thread Starter
- 12-11-2016 06:09