THE LAW OF PROPERTY Case Study Example | Topics and Well Written Essays - 1500 words

THE LAW OF PROPERTY - Case Study Example 15 July 2004. guardian.uk. [internet]). In view of this common law principle, Nina and Liam in the case at bar are both owners of the house in question. As such, the two have interests in the property. The issue that has to be addressed next is the extent of their stake in the realty. When two or more individuals own a property, the same either may be under joint tenancy or may be held by the said persons as tenants in common. In the former, everyone owns all of the property and when a party dies, the whole estate is transferred to the surviving owner. On the other hand, in the case of tenants in common, each of the proprietors owns a specific portion of the realty. The system of joint tenancy is usually what is observed between married couples while those living in as partners outside of wedlock follow the arrangement for tenants in common. (Severing a Joint Tenancy. law-bytes. swarb.co.uk. [internet]). What then is the relationship that prevails between Nina and Liam over the house Is it that they are joint tenants or are they tenants in common It has to be importantly noted that the given circumstances are silent as to whether they have come into some agreement on what system to adopt except that they had talked about the property being equally theirs. Of the same significance is the fact that it was solely Nina who purchased the asset as a freehold which means that she is the absolute owner in fee simple. (Freehold Meaning and Definition. thinkexist.com, [internet]). The heirs and successors of Liam will be at a disadvantage in a joint tenancy set-up because if he dies, everything in the real estate goes to Nina as the latter will have the so-called right of survivorship. It also will still be disadvantageous to Liam in the event that Nina dies because of one peculiarity of the situation. The recorded owner is Nina and Liam will have to prove the ownership union. What if they are together as owners of the house in the concept of tenants in common In the lat ter case, each of them, as well as those who will inherit or succeed from them, will be entitled to his or her equitable share upon the demise of the other. In essence, it would be best for Liam to have the terms clearly defined with Nina by serving a written notice unto her to that effect. Things will be fine if Nina readily accepts the proposal of Liam. However, if and when it becomes necessary, a court action may be possible in order to delineate the shares of the parties and to clarify their equitable interests and have the same unequivocally declared to avoid any future conflict or controversy. Going back to the fact that the parties were not explicit as to the ownership relation that would bind them, this has to be resolved in accordance with a reference to judicial pronouncements which take into account the evidence at hand and the surrounding circumstances. In the case of Stack v. Dowden, the House of Lords resolved the controversy with a fair, logical and wise verdict. It was about a couple in cohabitation without the benefit of marriage but who however registered their purchased property. They later on actually separated. The distinguished Lord Hope of Craighead opined that a test must be had as to whether the interests of the parties were equal or not in the joint ownership. This simply shows that the joint ownershi