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Co-Ownership Workshop III
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Simon and Teresa are a married couple. They have a son, Will, who is aged seven.Five years ago, Simon, Teresa and Victor (Simon’s father) acquired a large house as a family
home for themselves and Will. The property was conveyed to Simon, Teresa and Victor ‘to
hold for themselves as equitable joint tenants.’
Three years ago, Teresa borrowed money from a bank. She secured the loan using her interest
in the house. The security was created by deed. She subsequently paid off the loan.
Two years ago, Will was diagnosed with autism. His doctors advised Simon and Teresa that
any sudden changes to Will’s routine or environment could seriously impede his emotional
and psychological development.
Last year, Simon was declared bankrupt.
Six months ago, Victor died. By his will, he left all his property to Will.
Three months ago, Simon was diagnosed with a terminal illness. His current life expectancy is
6 - 12 months.
Advise Teresa:
(i) who were the legal and equitable co - owners of the house when it was acquired, and
the nature of their co - ownership at that time;
(ii) whether the events subsequent to acquisition affected the co - ownership of the
house; and
(iii) whether Simon’s trustee in bankruptcy is likely to obtain a court order for an
immediate sale of the house.
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