Payment to discharge any encumbrances prior to the mortgage, Payment of costs/expenses arranging the sale, Discharge of the mortgage debt plus interest. This is a result both of changes in the legislative framework sur-, Trusts of Land and Appointment of Trustees Act, ) and because the increased incidence of co-ownership has revealed many, practical problems for which the 1925 legislation did not clearly provide. have been caused by social and economic changes in the pattern of property ownership, particularly of residential or domestic houses. but overrall this is very helpful. Can the bank enforce the term requiring Rob to buy computer processors from them, and what effect does the paying off of the mortgage have on the agreement? Definition of ‘co-owned land’ and brief discussion of the types of co-ownership: Analyse the statutory scheme prior to the, Note the judicial application of the pre-, has changed the law in practice is a complex ques-, provisions, and some resistance to change, with regards to the likelihood of sale in cases of dispute mean that the position in, practice is perhaps closer than it appears on paper. The general rule is that the first mortgage takes priority unless an exception applies. about the consequences for purchasers when buying land subject to co-ownership, means mortgagees (banks, building societies, etc.) As it happens, Mortgages R Us own a company who sell computer processors. Registered office: Venture House, Cross Street, Arnold, Nottingham, Nottinghamshire, NG5 7PJ. Without this background understanding, much of the, law of co-ownership will make no sense. Third, there are important issues as to how implied co-ownership can arise, or, in other words, when does single ownership turn into co-ownership without any, formal documentation? The emergence of the, or spouse can acquire an interest in a house that formally belongs to someone else, has, done much to channel the law of co-ownership in new directions. Discover everything Scribd has to offer, including books and audiobooks from major publishers. Question 2 A lease is an estate in land, whereas a licence is a mere permission to occupy. What will happen to the money from the sale of the property? The property is unregistered land, and is free from any other interests. UNIT 9 – Land Law SUGGESTED ANSWERS – JANUARY 2012 Note to Candidates and Tutors: The purpose of the suggested answers is to provide students and tutors with guidance as to the key points students should have included in their answers to the January 2012 examinations. What is the favourable remedy for the bank and what steps must they take before they can take action? This is assuming the mortgage with Lenders 247 was a disposition for value. Academia.edu is a platform for academics to share research papers. The suggested answers do not for all questions Hendricks v. Stalnaker, established that a nuisance is a substantial and unreasonable interference with another's use and enjoyment of their land. 100% found this document useful (5 votes), 100% found this document useful, Mark this document as useful, 0% found this document not useful, Mark this document as not useful, Save Q&A Land Law Martin Dixon Emma Less.pdf For Later, ably in recent years. The basic rule in relation to these terms is that they are enforceable so long as they don’t breach competition law, but are usually only valid for the duration of the mortgage as per. See for example the contrast, and the reasons for them. The information from this chapter will allow you to answer this question fully with reference to relevant legal principles and cases. ... Ex parte Geldenhuys 1926 OPD 155 Chapter 7 Acquisition of ownership Exam 2019, questions and answers Exam 2018, questions Exam 2018, questions Exam 2019, questions and answers. application is lacking. The case of Kreglinger v New Patagonia Meat & Cold Storage Co Ltd. Furthermore, the charge must also be registered. Mortgages R Us’ charge came first, but was not correctly registered. Much depends in this case on whether Tina owns a share of the house or, in other words, whether she has any equitable interest in it. The same would seem to be applicable to this term. There is but one title to the land and the individuals own that title jointly. If Rob creates a legal mortgage over his unregistered property, is there anything important he will need to do once the mortgage has been granted? It is difficult to develop a catch-all approach to mortgage questions, as there are various distinct areas, you will need to learn how to identify each separate issue, for example, are you looking at the remedies of the mortgagee or the rights of the mortgagee? *You can also browse our support articles here >. Importantly, the issues remain the same even if the co-, owners are not in an intimate relationship. The grant of a legal mortgage over unregistered land is a trigger for first registration of the property as per S4(1)(g) of the Land Registration Act 2002. Co-ownership is no, longer confined to commercial or business situations but is, scheme of co-ownership, was ill-equipped to deal with this shift of emphasis and the, (which came into force on 1 January 1997) have done much, to remedy deficiencies in the law, although many would argue that much remedial work. In an examination, it is quite common for, quite possible for one question (usually a, This diagram shows the main differences between the, Prior to 1925, there were several forms of co-ownership: the legal relationship between, the individual co-owners could take various forms. Company Registration No: 4964706. However, where co-ownership arises informally –. The grant of a legal mortgage over unregistered land is a trigger for first registration of the property as per S4(1)(g) of the Land Registration Act 2002. First, the court will examine if this right-to-farm statute creates a private nuisance for Beautiful Homes, which would question its constitutionality. Therefore, he will need to register his property with the land register. The S29 exception will apply in this case, because Mortgages R Us have incorrectly registered their charge. VAT Registration No: 842417633. For example: • property right v personal right • land law – about equity/fairness or … Rob inherited a property from his parents 20 years ago. Download KSLU Previous Year Papers with Solutions and Study Material.Download KSLU Previous Year Question Papers in PDF format. The two banks are now arguing over who should get priority. Rob wants to start his own business up so needs quite a large loan. Related Studylists. Many difficulties. Once the bank take possession of the property and sell it, the proceeds of sale must be distributed as per S105 of the Law of Property Act 1925: To export a reference to this article please select a referencing style below: Copyright © 2003 - 2020 - LawTeacher is a trading name of All Answers Ltd, a company registered in England and Wales. Second, there is the question of the actual, share that each co-owner really has in co-owned land: problems of severance and, the like. You will be looking for a scenario where an individual has borrowed money off a lender of some sort and in return a lien has been created over some kind of property the individual owns (likely to be their land). The land is registered, therefore, S28 of the Land Registration Act 2002 applies. You should have knowledge of the different types of mortgages, how they are created, the rights of the mortgagor and mortgagee, the remedies of the mortgagee, the protection for the mortgagor, the liabilities, how a mortgage is ended and priorities where there are two mortgages. However, this caused numerous prob-, lems and one of the most important reforms of the, the types of co-ownership that could be created thereafter. had been done already by sensible judicial application of existing statute. The second mortgage was with Lenders 24/7, who did register their charge correctly. This means that Lenders 247 have priority, and will be able to get their debt repaid before Mortgages R Us’. This term of the mortgage provides a benefit to the mortgagee. The mortgage agreement is a six year agreement. ANSWER. answers a bit short and not too much case law added to the answers. Identifying a mortgage question should be straightforward. As we shall see, where land (for example, a house) is deliberately co-owned, in the sense of having been, conveyed originally to two or more people (for example, husband and wife, or an unmar-, ried couple), few serious problems exist about who owns it, although there may be issues, about the size of each owner’s share. The land law co-ownership module is split into three chapters: joint tenancies, severance, and dispute. The bank may use the remedy of foreclosure, which involves taking possession of the property. In the case, it was a five year agreement and it was redeemed after two years, therefore the similar time scales would suggest the same outcome. If Tina can establish that she has an ownership interest in the property, she may be able to resist the application of her husbands trustee in bankruptcy for sale of the property. However, a court order is required and Rob would be able to prevent foreclosure under S91(2) of the Law of Property Act. Unsurprisingly, he defaults on his mortgage repayments. This is the law of resulting and constructive trusts based on. Furthermore, the charge must also be registered. Thus, a number of recent cases concern, parents and children and some arise in non-family relationships, such as the infirm and, n this chapter, the various issues relating to co-ownership will be considered in turn, and the student needs to have an understanding of the following issues. MM. From 1926, land may be co-, owned only under a joint tenancy or, alternatively, under a tenancy in common. Therefore, the favourable remedy for the bank is possession and sale. usually in respect of land that was conveyed originally to only one person (for example, the man alone) – considerable practical problems can arise, and not even the new legisla-, tion has dealt with all of these. According to . who lend money and so ‘purchase’, an interest in the co-owned land as security. Therefore, he will need to register his property with the land register.
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