Land: Co-Ownership I
Land: Co-Ownership I What is Co-ownership?
- Definition: 2 or more persons together own same estate in same piece of land. successive co-ownership (settlements): different parties entitled in chronological succession. e.g. A: life interest; B: life interest after A; C: fee simple in remainder. rationale: traditionally, ensured land stayed in family. types of settlements: strict settlement; trust for sale; trust of land – dep. on when created. concurrent co-ownership: 2 or more persons own same estate in piece of land at the same time. e.g. husband + wife buy house together + share ownership of freehold. (N.B. this chapter: only concerned with concurrent co-ownership of freehold).
- Unity of possession essential: each co-owner simultaneously entitled to possession of whole of land. if not: just separate owners of different plots of land.
- How does co-ownership arise? expressly: all parties named on deeds / proprietorship register / lease. impliedly: resulting trust: through contribution to purchase price. constructive trust: Lloyd’s Bank v Rossett [1991].
- Practical issues with co-ownership. structure as between co-owners: reflecting different contributions. when 1 co-owner dies ensuring right person acquires interest. what do beneficiaries inherit?
- Definition: 2 or more persons together own same estate in same piece of land. successive co-ownership (settlements): different parties entitled in chronological succession. e.g. A: life interest; B: life interest after A; C: fee simple in remainder. rationale: traditionally, ensured land stayed in family. types of settlements: strict settlement; trust for sale; trust of land – dep. on when created. concurrent co-ownership: 2 or more persons own same estate in piece of land at the same time. e.g. husband + wife buy house together + share ownership of freehold. (N.B. this chapter: only concerned with concurrent co-ownership of freehold).
- Unity of possession essential: each co-owner simultaneously entitled to possession of whole of land. if not: just separate owners of different plots of land.
- How does co-ownership arise? expressly: all parties named on deeds / proprietorship register / lease. impliedly: resulting trust: through contribution to purchase price. constructive trust: Lloyd’s Bank v Rossett [1991].
- Practical issues with co-ownership. structure as between co-owners: reflecting different contributions. when 1 co-owner dies ensuring right person acquires interest. what do beneficiaries inherit?
