Q&As

Two individuals hold a property worth £100,000 as beneficial joint tenants and one party wishes to buy the other out. In the TR1, the parties record an agreement that the first shall receive only £20,000 in respect of their share. Would this statement in the TR1 be effective as a formal variation of an earlier declaration of trust? In addition, is the agreement in the TR1 binding on the parties if one of them reneges on the agreement?

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Produced in partnership with Chris Bryden of 4 King’s Bench Walk
Published on LexisPSL on 14/11/2019

The following Private Client Q&A produced in partnership with Chris Bryden of 4 King’s Bench Walk provides comprehensive and up to date legal information covering:

  • Two individuals hold a property worth £100,000 as beneficial joint tenants and one party wishes to buy the other out. In the TR1, the parties record an agreement that the first shall receive only £20,000 in respect of their share. Would this statement in the TR1 be effective as a formal variation of an earlier declaration of trust? In addition, is the agreement in the TR1 binding on the parties if one of them reneges on the agreement?

Two individuals hold a property worth £100,000 as beneficial joint tenants and one party wishes to buy the other out. In the TR1, the parties record an agreement that the first shall receive only £20,000 in respect of their share. Would this statement in the TR1 be effective as a formal variation of an earlier declaration of trust? In addition, is the agreement in the TR1 binding on the parties if one of them reneges on the agreement?

Where parties hold property as beneficial joint tenants, each owns the whole of the beneficial interest in that property (‘per my et per tout’). The effect of such a holding is that on the death of the first, the other becomes the sole owner of the property without more, under the doctrine of survivorship. This means that the interest of the first is extinguished and does not pass into their estate.

A joint tenancy in equity can be severed by notice or by the parties acting in such a way as is inconsistent with the continuing

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