Essay about Joint Ownership Of Leasehold Or Freehold Property

Essay about Joint Ownership Of Leasehold Or Freehold Property

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Joint ownership of leasehold or freehold property is well formulated under the English Law. The English law imposes various restrictive statutes that acts as guidelines and provide sufficient evidence of the terms of the agreement between the parties in agreement. Declaring interests before a transaction provides clarity about the intentions of the parties involved as well as helping in avoiding disputes in the future. There has been some uncertainty pertaining the position of joint owners in the English jurisdiction. Recent cases studies such as Stack vs. Dowden have only demonstrated the many difficulties being experienced in this area. This paper analysis the case scenario of Prince, Madonna, Fat Boy and Slim, who have contributed equally in purchasing a house.
Division of proceeds in after Fat Boy forces a sale.
Despite the fact that Fat boy contributed an equal amount as Prince, Madonna, and slim in purchasing the house that he wants to be sold, the court law does not recognize him as one of the legal owners of the house. The agreement that binds Fat boy as one of the legal owners of the house is void under s2 of the Law of Property (Miscellaneous Provisions) Act 1989 that provides that a sale of land, transfer of an interest of land ought to be in writing. It is because before the transfer deed was registered their solicitor realized that Fat Boy was under age thus prompting the property to be registered in the names of Madonna, Prince, and Slim. Since there is no evidence showing that Fat boy is one of the legal owners of the property he would have to rely upon the conduct of the other owners to establish a common intention of sharing the property’s benefits as well as establishing that the conduct that he relied on resu...


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...sh law only covers ownership of property as either freehold or leasehold. In this case, business assets lie under freehold property. In occasions where the house would have been a business asset, they would have held it as joint tenants because they contributed equally in purchasing the house. Under this arrangement, there would own the house as one legal entity with each person entitled to equal, undivided right in the house as well as equal proceeds from the selling of the house. Remember the notes from co-ownership chapter
Conclusion
In sharing the proceeds of the property since Price had sold his interest in the house to Madonna the remaining parties will hold the property as tenants in common. Thus, in dividing the proceeds from selling the house, the proceeds will be shared upon the agreed proportions. With Slims shifting to the person stipulated in his Will.

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