Laws are to be followed and implemented in order to be managed and handled with appropriate measures. Especially, the Law of Property is required evaluated and implemented with care. The report will analyse the cases related to 3 different properties on St. Peter Street. This evaluation will showcase various implications and impacts of the Law of Property and various other problems related to it with a proper solutions to these problems to
The evaluation of three cases at St. Peter's street is as follows:
Holly and Fred purchased a freehold property at St. Peter Street in the year 2013. Although being married for about 40 years, they were not happy and yet they didn't separate. As per the Land Registration Law, their registry showcases them as the joint tenant of their purchased property. However, they didn't have children or relatives to inherit it. In such a case, Fred intended to inherit his property to his golfing friend, Jim. He even started telling everyone about it.
Now, when Fred had died suddenly last week, it has been found that his will indeed involved Jim to inherit Fred's share in No. 1 property at St. Peter Street. So Holly is worried as she has to leave the house and she don't have any other accommodation facility or asset on her name. Thus, in this case, she can plea in court for providing her with proper part or compensation of his share in property .
According to Land Registration of Property, both Holly and Fred were joint tenants of the house. Thus, she has an equal share in the house. Further, she has no other savings or assets in her name and is completely dependent on the property No.1 for her stay.
Look at this condition, she can make the Land registration documents of the house evidence and can present her case and condition to the Court of Law. The Court can see through the will of Fred and land registration documents and can give an appropriate solution to Holly for her stay in their purchased property.
However, the chance of Holly to get appropriate support from property is quite high and for Jim they are meagre. As per the Law of Property Act and Section 4 of Land Registration Act 2002, the freehold property has been registered in the name of joint tenants can be easily transferrable to other person in the form of sale, gift or other methods like rent, mortgage etc.
Holly as to found out her title in the property and based on the Title, she can apply for a stay order and legal notice over the acquisition of property by Jim. As the freehold property possess certain restrictions. As per section 11 of law, the titleholder over property has to prove his/her claim over the freehold property in order to get the guarantee in respect to hold over property . As Fred and Holly were joint tenants on freehold property, Holly must prove her share over property in form of possessory freehold title. This will allow her to have a lease over the property for 12 years. As the property is required to be maintained effectively, Holly can use this title to maintain her share in property. Besides this, she can ask Jim to allow her to use the property as a tenant till she arranges another accommodation facility for herself.
The court can look after the application of Holly in order to handle the actions and to maintain her claim over freehold property. If she gets successful in proving her claim, Jim has to provide her the stay in property in return of her share. Being the joint tenants in the property, she has right to take decision in the inheritance and delivering of the property to Jim. She posses legal right to deny acquisition of freehold property through the medium of inheritance by Jim on basis of Fred's will. Under the Section 29 of LRA 2002, purchaser or inheritor of property has to get a clearance or NOC (No objection certificate) from present tenants or co owner of property in order to get control over same.
The No. 2 property is a 4-bedrooms house owned by four friends named Rachel, Ellie, Sophie and Larisa, who purchased it 9 years ago, as none of them could afforded it on their own. When original application of land registration was completed, they failed to file the Section 10 (Declaration of trust) of TR1 form that helps in maintaining the relation of co tenants as the holding co owner of a property. Now as Larrisa has been fallen apart and is not in a good enough financial condition to sell her share to someone else, she wants to know about her status in the ownership of house and whether he or she would receive any share of interest, following the same current living situation.
In this case, the property is successfully registered in the name of one of the main co owners of property. Now the property has to be shared among all the tenants equally, thus the entire group of co owner possess an equal share of right and interest within belongings. However, the major drawback they have to face that although the contract has been followed effectively for many years, when one of the co owner in property will decide to fall apart within the property, it will create an issue of distribution and declaration of share among the co owners. As 4 of the ladies failed to file the section 10(Declaration of Trust) in TR 1 form of the Land registration, inheriting or passing off the property will be a major issue for them. They have to look after this matter as the joint tenant. The passing on of the title and share has to be made under the joint property ownership legislation of the LRA 2002, Larrisa is liable to ask for her share in the co owned property. According to the case study, she is not in a condition to share or sell off her share in the property. As the declaration of trust is not been registered within the registration, they are susceptible to face the issues related to the sharing of house or any interest related to it. As the co owners of the house failed to declare a trustee, they can now opt for a legal help in order to refile the TR1 form with the common acceptance. Other than this, the other three ladies can ask for a notice to Larrisa for falling off. In return, Larrisa is legally eligible to get the details about her share in the house and if the property is been sold out, than her share of interest .
The court can involve in this case by taking the liability to get the following of regulation related to TR1 form. Larrisa can get the help from the court of law in order to get her share in the property. The proper management of sharing of claim and part in a property has to be handled under the Property law. As the concerning asset is been legally registered, it can be sold off, mortgaged or been given on lease without any restriction. As per the shares of interest in it is been concerned, it is dependent on decision of all the four co owners of the property. They have to carry out proper communication and get the effective liability regarding the management of property, in a legal way. Other than this, the proper obligations and following of the laws and rules or regulations related to the management of property are to be followed by the concerning co owners. They have to look after the sharing and handling of their interest related to the house in order to maintain their personal relations and sorting out of this issue on the basis of effective communication and mutual understanding. Other than this, they have to maintain the ethicalness while observing the proper distribution of interest related to the house .
Aimee and Nathan purchased the property named No. 3 when they married in 2012. During registration, they filed the claim as joint tenants for the property. After some times the relationship turned to be unhappy. Looking at the chances of filing a divorce, Nathan, being aware of legal rights, take the step to sever the joint tenancy of the claim on house. He sent the notice as a recorded letter, post to himself before the arrival of Aimee. Prior to her arrival, he receives the letter, signs it and place it in drawer. While returning, Aimee met with and air crash and dies. Nathan regrets his decision to sever the tenancy and part away from her.
In this case, Nathan has followed the severance of the joint tenancy by the legal manner, with her wife, Aimee. According to Law of property and Land Registration Act 2002, if the contract or agreement related to joint tenancy is been broken or terminated, the other co tenants automatically becomes the owner of the property. Other than this, the severing of the joint tenancy will convert the joint tenants to tenants in Common. The severing process is been carried out on the basis of LRA 2002, that is been governed by an estate planner or a solicitor. The legal registry of the property or a house is been sent on the address of severing tenants along with the Deed of Severance. This agreement is then signed by one of the tenants and thus will lead the joint tenants to get transferred in the state of tenants in Common. Nathan, being aware about her legal rights over this, followed the discussed process and was waiting for the response of his wife, Aimee. But, she died unexpectedly and thus, as per the legal obligation and processes, he becomes the sole owner and tenants of the house.
Thus, the concerning person will look after the property and can get any of their mutual friend to enter in agreement as either the joint tenants or the tenants in Common. This will help him to maintain the contract related to the ownership of the house. This will help Nathan to get the proper return from the house or the property. It can further lead to the re entering of land registry with new entrant or tenants. As some of his mutual friends were aware about his plan to sever the tenancy of house with Aimee, they can offer him the proposal to enter into the contract or tenancy with Nathan. Now being the sole owner and tenants of the house, he is liable to take the decision to allow the people applying for tenancy. Also, being the lone survivor of property, he will own the complete interest related to the house. Thus, in this case he can plan for the effective management of the property owned by him. Also, if Nathan accepts the proposal of allowing a co tenants, he possesses the right to keep the maximum share of interest within the property by himself under the contract.
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Thus, on basis of the report and evaluation f the various cases related to the Land registry Act 2002 and the Law of Property, this can be concluded that the proper management of the property is a very critical and crucial part, that has to be looked after by the tenants. The effective assessment of roles related to actions like sharing of interest in property or termination of joint tenancy on freehold property, or inheriting the property as a gift or after death. The proper legal procedure and measures are required to be followed in order to get the appropriate and suitable output.
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