Chapter 10 Key facts checklists

Co-ownership

Co-owned property can be held by way of a joint tenancy or a tenancy in common.
Co-owned property is held on trust and, since TLATA 1996, this is generally a trust of land.
Legal title can only be held as a joint tenancy, by a maximum of four people. Equitable title can be held as a joint tenancy or a tenancy in common by an unlimited number of people.
A joint tenancy in equity, but not at law, can be severed to create a tenancy in common.
Methods of severance are outlined in s 36 Law of Property Act (LPA) 1925, which itself confirms methods of severance recognised in Williams v Hensman (1861).
Disputes between co-owners as to whether the co-owned property should be sold can be resolved by making an application to the court requesting a court order to settle the dispute under s 14 TLATA 1996. The court shall have regard to factors listed under s 15 TLATA 1996 upon reaching a decision.
Applications for sale by a trustee in bankruptcy upon a co-owner being declared bankrupt are also made under s 14 TLATA 1996 but in reaching a decision the court shall have regard to factors listed under s 335A Insolvency Act 1986 (IA 1986).