What protection is afforded to beneficial co-owners of property in Essay

What protection is afforded to beneficial co-owners of property in situations where the trustees or third parties apply to a court for an order to sell land which is subject to a trust of land - Essay Example The law of co-ownership operates whenever two or more people enjoy the rights of ownership of property at the same time, either freehold or leasehold. The law of co-ownership is to be found in the 1925 legislation (LPA 1925), common law, and TLATA 1996. The law of co-ownership can be broken down into various components, first being the nature of co-ownership and types of co-ownership, Secondly, there is the statutory machinery that regulates the use and enjoyment of co-owned land, thirdly, there are those statutory and common law rules governing the creation of co-ownership, fourthly, there is the impact of co-ownership on third parties, fifthly, there are matters relating to the termination of co-ownership. 1 The concurrent co-ownership of property describes the simultaneous enjoyment of land by two or more persons i.e. enjoyment of the rights of ownership by two or more persons at the same time. Co-ownership since 1 January 1926 will either be by way of a â€Å"joint tenancy† or a â€Å"tenancy in common†.2 In a joint tenancy, each co-owner is treated as being entitled to the whole of that land. There are no distinct â€Å"shares†, and no single co-owner can claim any greater right over any part of the land than other. As far as the rest of the world is concerned, the land is treated as if it is owned by one person only and all the joint tenants share in that one ownership. In practical terms, this means that, when land is subject to a joint tenancy, there is only one formal title to it, and that title is owned jointly by all the joint tenants. Moreover, if the land is registered, there will be but one title registered at HM Land Registry, with each co-owner registered as proprietor of that title in the proprietorship section of the register. If the land is unregistered, there will be but one set of title deeds, specifying the four owners.3 It is pertinent to mention here that prior to 1st January