Continue reading "Trusts: Who owns what?"
Ralph v Ralph WTLR(w) 2021-04
Wills & Trusts Law Reports | Web OnlyA house was purchased in the joint names of the defendant and his son, the claimant. At least part of the reason for the claimant’s inclusion was that it allowed the defendant to benefit from a mortgage needed to finance the purchase. The TR1 bore an ‘X’ in Box 11 which appeared next to the words ‘the transferees are to hold the property on trust for themselves as tenants in common in equal shares’. The claimant sought a declaration that the property was held as described by Box 11 and an order for sale. The defendant maintained in a number of witness statements that the ticking of Box 1...
Beneficial ownership: Honesty is the best policy
Continue reading "Beneficial ownership: Honesty is the best policy"
Jones v Kernott [2012] WTLR 125
Wills & Trusts Law Reports | January/February 2012 #116Patricia Jones and Leonard Kernott bought a property together (Badger Hall Avenue) in May 1985 and lived there until their relationship ended in October 1993. The legal title to Badger Hall Avenue was held by them jointly. Ms Jones had contributed £6,000 of the £30,000 purchase price with the balance funded by an interest-only mortgage. An extension had been built and funded by Mr Kernott and had increased the value of Badger Hall Avenue to £44,000. Ms Jones and Mr Kernott had a daughter (born 1984) and a son (born 1986) together.
It was common ground that, until October 1993, the...