Co-ownership - The position at Law and in Equity
3 important questions on Co-ownership - The position at Law and in Equity
Explain how the legal estate is held under (s1(6) LPA 1925)?
The legal title can only be held by way of a JT(s. 1(6) LPA 1925) - 'e.g., land registered in M + N names only'. Not possible to severe a JT to create a TiC (s. 36(2) LPA 1925).
What is the maximum number of trustees that can own the legal estate in land under (s. 34(2) LPA 1925)?
Only a maximum of four trustees can own the legal estate. If there are more than four names mentioned, the first four named will own the legal estate (s. 34(2) LPA 1925).
The four trustees chosen must be of what age?
Must be of 'full age'(ss. 1(6)&20 LPA 1925) which is 18 (s. 1 Family Law Reform Act 1969). The trustee must be of sound mind (s. 22 LPA 1925)
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