Law of property Essay Example | Topics and Well Written Essays - 1500 words - 2

Law of property - Essay Example The unity of interest element requires parties to a joint tenancy to have the same type of interest and equal share in the property5. If the unity of interest requirement negated, this results in severance of the joint tenancy into a tenancy in common6.With regard to the unity of title requirement, this stipulates that the parties’ proprietary interests in the property must derive from the same legal title and at the same time. Commonly this will require evidence through deed or will7. Unity of time can often be problematic and academic discourse has significantly criticised this requirement particularly due to the requirement that property rights must vest in each joint tenant simultaneously8. In applying these principles to the current scenario, Albert used the proceeds of the sale of Sunrise Lodge to purchase Greengables. It is evident that Barbara’s mortgage payments to Sunrise Lodge accounted for 30% of the overall purchase costs and as such, the proceeds of the sale of Sunrise Lodge were held on trust for Barbara under constructive trust9. With regard to Greengables, Albert, Barbara and Charles bought the Property together in 1997 with the conveyance expressed as being in the joint names of all three parties. On this basis, it would appear that at the time of purchase, the four unities requirement for the existence of a joint tenancy have been complied with. Accordingly, at the time of purchase, Albert, Barbara and Charles held the Property as joint tenants in equal shares. However, the legal joint tenancy can be rebutted if the factual reality of the ownership arrangement falls within the equitable presumption of a tenancy in common10. The conditions for the equitable presumption of a tenancy in common were extrapolated in the case of Robertson v Fraser11, where Lord Hatherley highlighted that any