Business and Finance Homework
Need Finance Homework Help? Ask an Expert
Thank you for your question
My name is Clare
I shall do my best to help you but I need some further information first
Could you explain a little more about what is being proposed
How did the current owner acquire the house - and who is the person with the equitable interest and what is the wording of the Will giving this share
For clarity then
Mrs owns the property with Jack - and the property should be Registered in their joint names as Tenants in Common
Accordingly whilst Mrs can transfer her share to the Third Party the third party will own the property with Jack and if there is a mortgage they will BOTH need to make the applictaion
If she does that then she is no longer an owner and will have to rely on an implied Trust that she can live there for the rest of her life
Please ask if you need further details
Yes a Will is capable of transferring a legal title.
Indeed the Will cannot transfer anything else.
This Will was made with the knowledge of the other party and thus the joint tenancy was severed.
The parties became Tenants in Common and one half of the house belongs to Jack
If Mrs purports to transfer the property to her choice then in fact she must either transfer to both of them OR Jack can reverse the transfer as he is entitled to half of the equity.
Mrs will then be liable to Jack
This is clearly a home work question - so please note is shall opt out now