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Memorandum Of Tenants In Common Agreement

Memorandum Of Tenants In Common Agreement Template for England and Wales

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Key Requirements PROMPT example:

Memorandum Of Tenants In Common Agreement

"Need a Memorandum of Tenants in Common Agreement for a residential property in London being purchased by three friends in January 2025, with unequal ownership shares of 50%, 30%, and 20%, including specific provisions for property maintenance and eventual sale."

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Document background
The Memorandum of Tenants in Common Agreement is essential when two or more parties wish to own property together while maintaining separate and distinct shares. This arrangement is common in England and Wales for both residential and commercial properties, particularly where co-owners want to protect their individual interests and pass their share to beneficiaries of their choosing. The agreement details ownership percentages, management responsibilities, financial obligations, and decision-making processes, providing a clear framework for the co-ownership relationship. It's particularly valuable for unrelated co-owners, family members investing together, or business partners acquiring property jointly.
Suggested Sections

1. Parties: Details of all co-owners, including full names, addresses, and any other identifying information

2. Background: Explains the context of the agreement and the property's acquisition

3. Definitions: Defines key terms used throughout the agreement

4. Property Details: Full legal description of the property and registered title number

5. Ownership Shares: Specifies the exact percentage or fraction owned by each party

6. Management Provisions: Rules for property management, maintenance, and decision-making

7. Financial Obligations: Arrangements for sharing costs, expenses, and income

8. Dispute Resolution: Process for resolving disagreements between co-owners

Optional Sections

1. Right of First Refusal: Process for existing owners to purchase another's share before external sale

2. Occupation Rights: Rules about who can occupy the property and when

3. Rental Provisions: Terms for renting out the property

4. Exit Mechanism: Detailed process for selling shares or forcing a sale

Suggested Schedules

1. Schedule 1: Property Description: Detailed legal description of the property including plans and boundaries

2. Schedule 2: Ownership Percentages: Detailed breakdown of ownership shares and contributions

3. Schedule 3: Management Rules: Detailed procedures for property management and decision-making

4. Appendix A: Land Registry Documents: Copies of relevant Land Registry forms and certificates

5. Appendix B: Property Valuation: Initial valuation report or agreed property value

Authors

Alex Denne

Head of Growth (Open Source Law) @ Genie AI | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

Linkedin in social icon imageX social icon image
alex.den.21@genieai.co
Relevant Industries
Relevant Teams
Relevant Roles
Industries

Law of Property Act 1925: Primary legislation governing co-ownership, including sections on severance of joint tenancies and requirements for legal interests in land

Trusts of Land and Appointment of Trustees Act 1996 (TOLATA): Defines rights and duties of co-owners, trust obligations, and powers of trustees in land ownership arrangements

Land Registration Act 2002: Sets out requirements for registration and the form and content of registrable dispositions in land transactions

Law of Property (Miscellaneous Provisions) Act 1989: Contains Section 2 requirements for contracts concerning land and formal requirements for creation or disposal of interests in land

Land Registration Rules 2003: Details procedural requirements for registration of land and interests in land

Beneficial Interests Rules: Legal principles governing the rights and interests of beneficial owners in property held under trust

Severance Principles: Legal principles regarding the severance of joint tenancies into tenancies in common

Rights of Survivorship: Principles regarding the exclusion of survivorship rights in tenancies in common, unlike joint tenancies

Co-ownership Principles: Fundamental legal principles governing the rights and obligations of co-owners of property

Trust Law Principles: General principles of trust law applicable to co-ownership situations and trustees' duties

Land Registry Requirements: Specific requirements and forms mandated by HM Land Registry for registering interests in land

Deed Execution Requirements: Formal requirements for proper execution of deeds under English and Welsh law

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