Answers
Co-ownership Workshop I
- Course
- Institution
- Book
Co-Ownership Workshop I question and answer
[Show more]
Connected book
Book Title:
Author(s):
- Edition:
- ISBN:
- Edition:
More summaries for
-
Reform of Freehold Covenants Essay Plan
-
Fixtures / Chattels
-
The 1925 Property Legislation
Seller
Follow
1Caillou
Reviews received
Content preview
Ismael and Jovina are a married couple. They have two teenage sons.Three years ago, Ismael and Jovina agreed with Ismael’s parents, Kaleb and Lukka, to
purchase a large house (‘the House’) in which they could all live. The purchase was funded by
Ismael and Kaleb. The House was conveyed to Ismael, Jovina, Kaleb and Lukka ‘to hold on
trust for themselves as equitable joint tenants.’
Two years ago, Kaleb encountered serious financial difficulties. Ismael wanted to help Kaleb,
so he agreed to purchase Kaleb’s interest in the House for £100,000. The agreement was made
in writing and signed by Kaleb and Ismael. Ismael paid Kaleb £100,000, but no further action
was taken in relation to the sale.
Ismael had borrowed £50,000 of the £100,000 he paid to Kaleb from his friend, Ymir. He
secured the loan by granting Ymir a mortgage of his interest in the House by deed.
Last year, Lukka died. By her will, she left all her property to Kaleb.
Ismael has not paid Ymir the last six loan instalments. Ymir intends to enforce his security.
The value of the House is £500,000, and the amount still owed to Ymir is £25,000.
Ismael and Jovina’s sons are due to take their GCSE exams in four months’ time.
Advise the parties:
(i) as to the legal and equitable ownership of the House when it was acquired;
[25 marks]
(ii) whether the events occurring after acquisition altered the legal and equitable
ownership of the House; and [45 marks]
(iii) whether Ymir is likely to obtain a court order for an immediate sale of the
House. [30 marks]
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller 1Caillou. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $9.78. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
78252 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now