CICT UPDATED ACTUAL QUESTIONS AND CORRECT
ANSWERS
Question:
1. ownership of the family home
Answer:
joint ownership
or
sole ownership
Question:
2. joint ownership
Answer:
2 or more person holds land in trust both legal and beneficial owners of the home in equal shares
legal title = JTs (co-proprietors) - on death passes to survivor JT equitable title = either JT or TC - on death
passes under will/intestacy rules
should declare equitable title when buying the home - to be evidenced in writing & signed . Dec of trust
must comply with formmatlies under s53(1)(b) LPA 25
if no expressed trust the law will intervene in quantifying shares
Question:
3. sole ownership
Answer:
sole proprietor (legal tilte in its whole) can still have trust for equitable title between partners - should be
evidenced
where no trust court will intervene in working out equitable interest
Question:
4. what happens when dealing with separating couples
Answer:
1. married/civil partnership - family courts have wide disbursement powers under MCA 1973 to determine
who get what in divorce
- wide powers re equitable interest in family home
2. cohabitieess - fall under trust law - upon separation benefical interest will be quantified by the courts
Question:
5. resutling trust of family home
Answer:
someone contributes money to purchase property in the name of another = resulting trust for beneficial
interest on amount contributed
1. Only contributions towards the purchase price counts
2. Only contributions made at the time of the purchase count
3. Resutling trust only recognises monetary contrbutions
Question:
6. CICT - jointly owned
ANSWERS
Question:
1. ownership of the family home
Answer:
joint ownership
or
sole ownership
Question:
2. joint ownership
Answer:
2 or more person holds land in trust both legal and beneficial owners of the home in equal shares
legal title = JTs (co-proprietors) - on death passes to survivor JT equitable title = either JT or TC - on death
passes under will/intestacy rules
should declare equitable title when buying the home - to be evidenced in writing & signed . Dec of trust
must comply with formmatlies under s53(1)(b) LPA 25
if no expressed trust the law will intervene in quantifying shares
Question:
3. sole ownership
Answer:
sole proprietor (legal tilte in its whole) can still have trust for equitable title between partners - should be
evidenced
where no trust court will intervene in working out equitable interest
Question:
4. what happens when dealing with separating couples
Answer:
1. married/civil partnership - family courts have wide disbursement powers under MCA 1973 to determine
who get what in divorce
- wide powers re equitable interest in family home
2. cohabitieess - fall under trust law - upon separation benefical interest will be quantified by the courts
Question:
5. resutling trust of family home
Answer:
someone contributes money to purchase property in the name of another = resulting trust for beneficial
interest on amount contributed
1. Only contributions towards the purchase price counts
2. Only contributions made at the time of the purchase count
3. Resutling trust only recognises monetary contrbutions
Question:
6. CICT - jointly owned
