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Legal owner transfer the property to 3rd party when there's

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Legal owner transfer the property...
Legal owner transfer the property to 3rd party when there’s another equitable trust in the property. 3rd party says that the person still will be the true owner of the house and will go on living there, how can this property be transferred and hows does that look in relation to legal ownership and beneficiary ownership, and is there any risk involved?
Submitted: 1 year ago.Category: Business and Finance Homework
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Answered in 1 minute by:
1/10/2016
Business Tutor: clairep80,
 replied 1 year ago
clairep80
Category: Business and Finance Homework
Satisfied Customers: 34,473
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Hi

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

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Customer reply replied 1 year ago
A property is being transfered which is a land with a house.
Customer reply replied 1 year ago
Mrs told 3rd party that she will leave the house to her by will however that 3rd party insisted for Mrs to transfer the house now. The 3rd party told Mrs that she will still be a true owner of the house and will go on living there, 3rd party might use the house as a security for a loan.There is another person who has an equitable interest in the property which was left to him by a will. How can Mrs transfer the house, can she transfer the legal title and equitable title, or just one of those. If so is there any risk involved for example she won’t longer be an owner in law/equity therefore she can be kicked out from the house?
Customer reply replied 1 year ago
Hello is there any progress towards answering my question? Thank you.
Business Tutor: clairep80,
 replied 1 year ago

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

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Customer reply replied 1 year ago
The house was owned by two owners, Mr and Mrs. They had conversation in regards ***** ***** they will do when they die, Mr and Mrs agreed that they will leave share to different parties. Mr died leaving his share to Jack. The will was... leaving my share of .... to jack (the third party)
Customer reply replied 1 year ago
I would like to know how can Mrs transfer the house, can she transfer the legal title and equitable title together, or just one of those. If so are there any risk involved, for example she can be kicked out, or jack can seek compensation if the mortgage is put on by the other parties who the house is transferred to? Any kind of information with guidance will help me so i can research into it as i don't know where to begin. My ideas were to discuss overriding, overreaching or the risk of transferring the legal ownership and the differences between legal and beneficiary ownership
Customer reply replied 1 year ago
Do you need to know more informations? or would you like me to state the facts again in one place and form question differently?
Business Tutor: clairep80,
 replied 1 year ago

Right

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

Clare

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Customer reply replied 1 year ago
Are you trying to say that the will is capable of transferring a legal title not just equitable title? And what I'm trying to understand is that what would be the consequence if Mrs transferred the house to third party without Jack knowing, and when you said that Mrs would have to rely on implied trust, which article in law is that, i was thinking more along result trust in this scenario or constructive trust.
Business Tutor: clairep80,
 replied 1 year ago

Hi

Yes a Will is capable of transferring a legal title.

Indeed the Will cannot transfer anything else.

http://blogs.telegraph.co.uk/finance/ianmcowie/100012869/whose-house-is-it-anyway-geoffrey-boycott-test-case-could-hit-homeowners-for-six/

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Customer reply replied 1 year ago
But i though that severence will only take effect in equity as shown by LPA 1925 s36(2) which states that a joint tenancy cannot be severed in law. It must therefore comply with any relevant statutory provision, such as LPA 1925 s.53(1)(c) which requires that any disposition of an equitable interest must be in writing.
In the article it also said - “It is possible to convert a joint tenancy to a tenancy in common but not the other way round. "Will is not a reasonable document but with proof of mutual agrement and conductit can severe land but that wouldnt be able to severe in law surley?Just asumming that Jack had equitable interest in the property. Would be there risk to mrs Wentworth in agreeing to transfer whole property to third party?
Business Tutor: clairep80,
 replied 1 year ago

http://www.practicalconveyancing.co.uk/content/view/10481/1111/

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

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Business Tutor: clairep80,
 replied 1 year ago

This is clearly a home work question - so please note is shall opt out now

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Business Tutor: CHRISTOPHER Cline,
 replied 1 year ago
CHRISTOPHER Cline
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