Co ownership Problem Question! Land Law PLEASE HELP

Watch
s.x.x.a
Badges: 6
Rep:
?
#1
Report Thread starter 2 years ago
#1
Hello everybody, I have a co ownership question but I just really don't know how to structure it. I would appreciate if someone could give me some pointers or refer me to a forum where a similar question has been discussed. Thank you in advance!

Alice wants advice concerning a dispute with property she has purchased with others.

Alice, Bill, Cameron, Dolly, and Emily purchased a Property together. Emily was 17 at the time, but Alice, Bill, Cameron, and Dolly were 18.

Alice moved out and offered to sell share to Bill, but he couldn’t afford to buy it. So, Alice rented room to Finley

In 2012 Bill got loan from bank and secured it against his interest in the property

In 2013 Dave became ill and made a will stating that if anything should happen to him, his parents should inherit his interest in the property.

They all had a discussion in a meeting with what they will be doing to the property. Bill and Cameron want to sell it, but Dolly and Emily want to stay.

After talking, Cameron sent letter to all as he wishes to sever his share. However before the post got to the others, Dolly died.

Advise Alice:
The extent of all the party’s individual rights, especially with the fact legal and equitable ownership has changed on the property AND If she can force a sale of property, how successful will this be?
0
reply
Bitesizelaw
Badges: 10
Rep:
?
#2
Report 2 years ago
#2
The question provides you with a structure.

Explain how the property is owned in law and equity i.e. joint tenancy or T in C (and beneficial shares in equity) initially.

Then explain how the different events affect the title (legal and equitable) so you know who the owners are. Do this in chronological order. Also work out their beneficial shares in equity as you go along. This will then allow you to arrive at a conclusion as to their current beneficial shares. This is important when applying TOLATA, s.15 (see below).

Here is a link to my short video on YouTube on 5 key points to remember about co-ownership

Finally, A, as an owner can apply for a sale under TOLATA s.14. Factors in s.15 should be applied including the wishes and circumstances of the majority owners when deciding whether she is likely to be successful.

Please give me a 'thumbs up' by clicking on the button below if you find my advice helpful. Thank you.:yy:

Bitesizelaw
Last edited by Bitesizelaw; 1 year ago
0
reply
s.x.x.a
Badges: 6
Rep:
?
#3
Report Thread starter 2 years ago
#3
(Original post by Bitesizelaw)
The question provides you with a structure.

Explain how the property is owned in law and equity i.e. joint tenancy or T in C (and beneficial shares in equity) initially.

Then explain how the different events affect the title (legal and equitable) so you know who the owners are. Do this in chronological order. Also work out their beneficial shares in equity as you go along. This will then allow you to arrive at a conclusion as to their current beneficial shares. This is important when applying TOLATA, s.15 (see below).

Finally, A, as an owner can apply for a sale under TOLATA s.14. Factors in s.15 should be applied including the wishes and circumstances of the majority owners when deciding whether she is likely to be successful.

Bitesizelaw - private land law tutor
Thank you, this is the structure I followed, I put it in a table which made it much more clear!
0
reply
Bitesizelaw
Badges: 10
Rep:
?
#4
Report 2 years ago
#4
(Original post by s.x.x.a)
Thank you, this is the structure I followed, I put it in a table which made it much more clear!
That's how I do it too when working out the legal and beneficial owners. One column for legal title and another for equitable title. You are less likley to forget or miss out a stage that way.

Bitesizelaw - private landlaw tutor
0
reply
X

Quick Reply

Attached files
Write a reply...
Reply
new posts
Back
to top
Latest
My Feed

See more of what you like on
The Student Room

You can personalise what you see on TSR. Tell us a little about yourself to get started.

Personalise

What factors affect your mental health the most right now?

Anxiousness about lockdown easing (102)
5.17%
Uncertainty around my education (296)
15%
Uncertainty around my future career prospects (209)
10.59%
Lack of purpose or motivation (276)
13.99%
Lack of support system (eg. teachers, counsellors, delays in care) (86)
4.36%
Impact of lockdown on physical health (112)
5.68%
Loneliness (173)
8.77%
Financial worries (70)
3.55%
Concern about myself or my loves ones getting/having been ill (87)
4.41%
Exposure to negative news/social media (92)
4.66%
Lack of real life entertainment (108)
5.47%
Lack of confidence in making big life decisions (175)
8.87%
Worry about missed opportunities during the pandemic (187)
9.48%

Watched Threads

View All