⇒ The previous topic notes on joint tenancies and tenancies in common explained the situation where you have more than one legal owner (shared legal ownership), and the beneficial interest (i.e. equitable interest) those co-owners can have.
⇒ In addition to shared legal ownership, the equitable title can be shared even when the legal title is vested in one person.
⇒ For example, where a couple share a home, but one of them is the sole legal owner, his or her partner may be able to establish an equitable proprietary interest → the issue of who owns the equitable interest in property, where the legal ownership is held by one person, usually arises in cases where a couple are separating.
⇒ As previously mentioned, land may be deliberately conveyed to two or more people e.g. where a couple purchase a house. In such circumstances, the persons to whom the legal title is transferred will be the legal owners.
⇒ In the abesnce of any statement to the contrary, these legal owners will also be taken to be the equitable owners too (this is because 'equity follows the law'). In other words, where two people take joint legal ownership in a property, if there is no statement to the contrary they will also take joint beneficial ownership in the property.
⇒ This presumption (i.e. that the legal owners are the only equitable owners) may be challenged by proof of a 'resulting' or 'constructive trust'.
⇒ However, before mentioning these trusts, it is important to note that it is possible to expressly declare who the equitable owners of property are.
FOOL-PROOF methods of obtaining top grades
SECRETS your professors won't tell you and your peers don't know
INSIDER TIPS and tricks so you can spend less time studying and land the perfect job
We work really hard to provide you with incredible law notes for free...
The proceeds of this eBook helps us to run the site and keep the service FREE!
⇒ The legal owner may, at the time of purchase or after, declare in writing that he/she holds the property on an express trust for another person or for him/herself and another as joint tenants or as tenants in common.
⇒ A declaration of trust of land 'must be manifested and proved by some writing' (Law of Property Act 1925, section 53(1)(b)).
Learn how to effortlessly land vacation schemes, training contracts, and pupillages by making your law applications awesome. This eBook is constructed by lawyers and recruiters from the world's leading law firms and barristers' chambers.
✅ 60+ page eBook
✅ Research Methods, Success Secrets, Tips, Tricks, and more!
✅ Help keep Digestible Notes FREE