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Evaluating the Nature Of Co-Ownership of Property and Trust Relationship - Case Study Example

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The author of the "Evaluating the Nature Of Co-Ownership of Property and Trust Relationship" paper annalizes the case of Helen and George which involves an implied sharing of property. The two of them contributed to the purchase price of the cottage with George giving £30,000 and Helen £70,000. …
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Evaluating the Nature Of Co-Ownership of Property and Trust Relationship
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Download file to see previous pages Technically, the rule on implied sharing in the property emanates from the assumption that the people involved in the transaction are partners. The rights of the parties in an implied partnership and sharing of the property need to be defined to determine the just share of the parties. According to Lord Bridge in the case of Lloyds Bank v Rosset1, to determine the sharing of the property, there is a need to establish the kind of agreement that the parties have over their affair. To do this, the court said in the case of Lloyds Bank v Rosset that we must look into the conduct of the parties when it comes to “sharing the house as their home and managing their joint affairs”2.

According to Lord Bridge in the case of Lloyds Bank plc v Rosset3, there is a need to observe the conduct of the parties prior to the acquisition of the property the arrangement or understanding of the parties regarding their properties shall be shared beneficially. If the parties have not come up with a formal agreement on how their properties are to be shared beneficial, their acts should be evaluated and the implications of their acts used as a gauge as to the possible sharing of the beneficial rights to the property. According to the case of Lloyds Bank plc v Rosset4, the interest of the parties in the property should be based on their express or inferred intentions at the time they acquired the property and not on their subsequent actions or conduct5.

In our hypothetical case of Helen and George, George wanted to use the property as collateral for a loan, thus, Helen allowed George to register the property under his name. Based on the facts of the case, the parties did not really have a formal agreement as to how they will share the property. However, according to the case of Springette and Defoe where two middle-aged couples who are already established in life contributed money to purchase a house, the transaction is to be interpreted as a “joint venture or commercial partnership between the parties”.  ...Download file to see next pagesRead More
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