Property Law Essay Example | Topics and Well Written Essays - 2000 words

Property Law - Essay Example 360,000 by raising a mortgage amount from the Solent bank. This mortgage amount was with a joint responsibility with his father. Under the provisions of the Law of Property Act 1925, beneficial owners can obtain a court order for putting the trust into effect and directing sale of the property and thereafter division of the sale proceeds. With regard to house properties, the share of the parties will in general be 50% each, due to their joint ownership of the property. However, the court could refuse to grant sale order, if the reason behind the creation of the trust persists. 3 In Midland Bank v Cooke, 4 the Court of Appeal granted a half share to the defendant in the matrimonial home. In the absence of an express agreement, the court opined that the conduct of the parties would be examined in order to determine the intended share of each party. 5 In Stack v Dowden, the House of Lords held that in disputes where the family property was in joint names and in the absence of an express declaration regarding ownership, a beneficial joint tenancy could be presumed.6 Since, the defendant had provided 65% of the amount; Stack was entitled to 35% of the proceeds of the sale.7 In Jones v Kernott, the UK Supreme Court upheld the trial court’s grant of 90% of the property’s sale proceeds to the plaintiff. ... It is left to the court to defer the sale if it were of the opinion that such sale would be contrary to the purpose for which the property had been purchased. 9 In the UK common ownership of property is not transferred automatically between the parties to a marriage. Automatic transfer takes place, only if the parties consent to place the concerned property in their joint names. Such joint ownership can be of the following categories. First, joint tenancy, wherein the survivor of the married couple automatically inherits the share of the deceased spouse. Second, tenancy in common, in which the share in the property is transferred as per the will of the deceased spouse or as per the rules of intestacy.10 As such on the death of a spouse, the remaining spouse automatically derives a portion of the deceased spouse’s estate provided the property is held jointly by them. On the satisfaction of the Spouses Legal Right Share, children and issue become entitled to a share in the prope rty, after the intestate death of a person. In Abbott v Abbott the court granted 50% of the sale proceeds to the wife, as the couple had undertaken joint liability with regard to the repayment of the mortgage on the property. In addition, this husband and wife had arranged their finances entirely in a joint manner.11 The existence of a will executed by the deceased has a significant effect on the legal right of the remaining spouse or children. However, with regard to non – marital cohabitees, there is no such automatic entitlement, unless there is a specific benefit under a will. Conclusion Since Angelina holds the property, jointly with her deceased husband, she will receive half the share of the property, after meeting obligations and