The following Property Q&A Produced in partnership with Helen Galley of XXIV Old Buildings provides comprehensive and up to date legal information covering:
Whether or not joint proprietors are joint tenants in equity or tenants in common they hold the legal estate as joint tenants so that on the death of one the other takes the legal estate by survivorship. The surviving joint tenant ‘the survivor’ then holds the property on trust for those beneficially entitled, prima facie, the survivor and the deceased joint tenant’s estate. On the death of the survivor, the legal estate will vest in the survivor’s personal representatives.
We are told that in this case a JP restriction was registered at the Land Registry indicating that the original joint tenants held the property on trust for themselves as tenants in common in equal or unequal shares. By a JP restriction, we assume that what is meant is a restriction in Form A directing that a sole trustee cannot give a good receipt for proceeds of sale.
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