Land Law Essay Example | Topics and Well Written Essays - 2500 words - 3

Land Law - Essay Example e above it is necessary to discuss the difference between joint tenancies and tenancies in common in order to determine whether property can be transferred to another by a will. It is also necessary to examine the way in which registration can occur with regard to ownership of the property in order to determine whether all five friends would be entitled to be entered on the property register. There also needs to be a discussion in relation to the fact that Ben is only 17 when the property has been bought, as well as a discussion in relation to the differing amounts invested by each in the property. There are two forms of co-ownership of property, which are joint tenancies1 and tenancies in common2. A joint tenancy is a collective ownership of that property. When a joint ownership is created there is unity of ownership amongst the parties3. As a result of this unity of ownership the sale or disposal of the property has to be done collectively. The Council of Mortgage Lenders allows up to four persons to be entered onto the title deeds of the property, although other persons can contribute towards the purchase price of the property. Persons not entitled to be entered onto the register will acquire a beneficial interest in the property only, although, it might be possible for them to be included on the register at a later date, if one of the four named persons either sells their share of the property or dies. Joint tenancy agreements create the right of survivorship4. Under a joint tenancy all persons have an equal share in the property. When one of the joint tenants dies, their share of the property will be divided amongst the surviving tenants. Joint tenants cannot sell their share of property to anyone other than one of the joint tenants, and they cannot transfer their share in a will. Joint tenancies are classed as unseverable5. None of the other tenants can force one of the parties to sell their share of the property and any decision to sell must be a