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Finance & Accounting
Pages 12 (3012 words)
Question 1 Isaac may have a claim in the Groove property under the principles of trusts. Constructive trusts in land are created when an individual acquires an equitable interest in land. In such a case the legal owner of the property is regarded as a trustee of the land, holding the equitable interest for both the legal owner and the non-legal owner.1 Lord Diplock’s ruling in Gissing v Gissing provides the starting point for assessing Isaac’s situation and the extent to which he can challenge Rose’s request for vacant possession and presumably all of the interest in the Groove property…
Under the common intention constructive trust, when one cohabitee held legal title to property, cohabitees would share the equitable interests whether or not they had made direct contributions to the purchase of the property provided the non-legal owner could prove that there was a common intention that the parties would share the beneficial interest. Moreover, the non-legal owner must also prove that he/she acted to his/her detriment pursuant to this common intention.2 Isaac can be said to have acted to his own detriment pursuant to a common intention that he would share the equitable interest in the Groove home. To start with, he not only quit his well-paid job to move to the Groove home, he gave up his own accommodations at the time. The common intention is further exemplified by Rose’s statement that she had been looking for someone to share the home with and invited Isaac to be that person. The fact that Isaac move to the home and gave up his job and home to do so clearly establishes a common intention. ...
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