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What are the rights that undivided owners enjoy and how has the enactment of the Trusts of Land and Appointment of Trustees Act 1996 affected those rights?
Member rating: No Rating | Words: 2500 | Submitted: Thu Apr 03 2008
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Since the coming into force of the LPA 19251 the position of undivided owners is different from what it was before. The legislation has abolished tenancy in common and held that whenever land is subject to co-ownership a trust is imposed. Therefore a conveyance of an undivided share creates a legal joint tenancy and a trust which gives effect to the tenancy in common. Although Joint tenancy is mainly used for matrimonial conveyancing due to convenience in operating under the right of survivorship, a JT in equity exposes risk that a premature death would concentrate beneficial interest in favour of the surviving tenant. This would be detrimental in some circumstances such as in the event of divorce. Effectively such problems can now be avoided as the reform has given joint tenants a right to sever their equitable share. Preventing what has been termed survivorship wheel of fortune. Therefore as a tenant...
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