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Impact on the Legal Estate and Equitable Interests

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Added on  2020-01-07

Impact on the Legal Estate and Equitable Interests

   Added on 2020-01-07

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LAND LAW
Impact on the Legal Estate and Equitable Interests_1
Table of Contents1. Impact on the legal estate and equitable interests..............................................................12. Case Scenario.....................................................................................................................33. Case Scenario.....................................................................................................................5REFERENCES................................................................................................................................6
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1. Impact on the legal estate and equitable interestsIn the event a property is owned by more than one individual, then in such circumstancesownership arises from trust of land. It essentially distinguishes between legal title of land andequitable ownership rights. The legal title of the property is with the trustees, where as the title isheld for the equitable owners or the beneficiaries. However, in the practical world these twodistinct rights are held by the same group of people1. Further, the co-ownership recognized inthese relations can be either in the form of joint tenancy or tenancy in common. The formerrelation consists of co-owners who collectively own the property with Unity of possession,interest, title and time. On the other hand, the latter is the ownership shared between co-owners ,owning a different share in the property. This share can also be undivided which implies that allthe co-owners are entitled to occupy the entire property jointly, irrespective of their share.2Hence, the attribute of unity of possession can be present and there is no possibility of physicaldivision of the property. In accordance to current position of relevant law, the five co-owners of the property i.e.Ian, Geoffrey, Ursula, Venus and Adam are sharing tenancy in common, in relation to theMephistopheles House. This can be concluded with the assistance of the fact that all the partiesare holding a different set of interest in the property. However, the ownership in the property isundivided and is accompanied by unity of possession. As stated in Goodman v. Gallant (1986)unit of possession refers to the position wherein all the co-owners have an equitable interest andthe same is also declared at the time of conveyance of the said property.3 In law, each of thetenants are holding separate and distinct share in the property, which entitles them to dispose offtheir share by selling off or mortgaging to a third party. Unlike, Joint tenancy under tenancy incommon, each of the owners are entitled to pass their respective shares through Will. In theevent, a person has not left a Will, then Laws of Intestacy shall be applied in respect ofentitlement of shares.4 In pursuance to Section 1(6) of Law of Property Act, 1925, the concept oftenancy in common cannot exist in law. However, in light of Section 34 and 36 of the Act it can1Butt, P., 2010.Land law. Lawbook Company2Co-ownership, 2017. [Online]. Available through: <http://e-lawresources.co.uk/Land/Co-ownership.php>.[Accessed on 8th February 2017]. 3Waldeck, S., 2011. Rethinking the Intersection of Inheritance and the Law of Tenancy in Common.4What is the difference between “Joint Tenants” and “Tenants in Common”?, 2016. [Online]. Availablethrough: <http://www.moerans.com/what-is-the-difference-between-joint-tenants-and-tenants-in-common/>.[Accessed on 8th February 2017]. 1
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