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English Real Property - Coursework Example

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English Real Property: Legal Case Study The three types of ownerships have been discussed in the paper with regards to the case given. These consist of: 1. Sole ownership; 2. Joint ownership (Joint tenancy); and 3.Tenancy in common. All the parties in the case are some or other way related to the property of Jenny…
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English Real Property
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Download file to see previous pages Pam is Jenny’s mother and she is likely to get her share in Jenny’s property as a beneficiary interest by “The Law of Property Act 1925,” but Katie has hardly any chances to get her share due to certain legal terms. Facts of the Case: Jenny started her business and she bought a shop at 43 Main Street in 1990 in her sole name. Jenny, thus, was the sole owner of the property though Pam’s financial share is involved in the property. Being a sole owner of the shop, Jenny has more rights than Pam, though Pam’s financial share is more than Jenny. According to Land Registration Act 2002, if only one name is there on the Land Registry or the title deeds of the property, then only that person becomes the legal owner. Thus, Jenny is the legal owner and she has more rights than the co-owner Pam. However, if the relationship gets spoiled between the two people due to some or other reasons, both of them may have rights to live in the property or to get share of the profit if it is sold as per share in terms of money contributed by each. Actually this area of law is very complicated. The rights depend upon the personal circumstances. In this case it has been mentioned that Pam offered 80% amount to buy the shop, but it is not mentioned whether there was any written agreement between both of them regarding the financial share. But even if there is no formal written agreement, the co owner, that is Pam, may have a right to a share of the value of the property if Evidence in writing to show that she should have share She has a verbal agreement (such as if she gave up somewhere else on the understanding that she would be able to stay long term) She had paid towards the deposit or made mortgage payments. [1] Sam had previously been the boyfriend of Jenny and both of them bought the property of 101 Central Road which included a large shop on the ground floor and two residential flats on first and second floors and by law became Joint Tenants. For buying this property Jenny sold out her old shop and collected 50% of the purchase amount from it. 10% was paid out of Jenny’s personal saving account. By doing this, she had not returned back the 80% of the amount to her mother who gave it to her for buying the old shop. So among 50%, logically thinking, 40% of the share of old property belongs to Pam. In such case she had around 40% share in the new property. Jenny also has the equal share because in the previous property she had a share of 10%. She bought the new property for which 10% share was generated from her own saving account and for remaining 40% amount she took a loan and She and Sam (her boyfriend) both have the responsibility equally for the repayment of the house. 1. The information is taken from the content “Sole Ownership,” website: http://england.shelter.org.uk/get_advice/finding_a_place_to_live/Buying_and_selling/buying_with_other_people/sole_ownership So the calculation of share will be: 40% belong to Pam, 40% belong to Jenny and 20% belong to Sam. The court may award a share to Pam where there is the evidence of an intention to share asset equally or to hold assets jointly [2] It is mentioned in the case that Sam and Jenny became the Joint owners. Under the agreement of Joint Tenancy, the joint owners together own the whole property and do not have a particular share in it. If one of the owners dies, the other owner automatically becomes the sole owner. Though Jenny and Sam, as the joint owners ...Download file to see next pagesRead More
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