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Co-ownership and estoppel.

The editor of this section of the site is Samantha Jackson of 1 Chancery Lane, London.

Beneficial interests
Equitable accounting

Davis v Jackson
[2017] EWHC 698 (Ch)

Summary

Sections 12 to 15 of Trusts of Land and Appointment of Trustees Act 1996 have not replaced the doctrine of equitable accounting. On the facts the correct apportionment of the proceeds of sale of the property would be to split the net proceeds equally between the trustee and the wife, and then to give the wife additional credit for one half of all the payments she had made under the mortgage(s).

Facts

A husband and wife (H and W) became estranged and then lived apart. W re-mortgaged a property which she then owned and in which she lived with her four children. This released a capital sum which she put towards the purchase of a second property in her sole name (the "Property"). The remainder of the purchase price was borrowed by W on and interest-only mortgage. She then moved to live in the Property with her children.

W executed a trust deed concerning the Property. In this W declared, inter alia, that she held the Property on trust for herself and H in equal shares. The Trust Deed then contained a clause stating,
    “Consequently I the said [W] agree to pay half of the mortgage payments in favour of [the mortgagee] or any subsequent mortgagee of the Property in consideration of my being entitled to half of the equity of the Property.”

The purposes for which the trust deed was executed were unclear but H did not live at the Property and never paid the mortgage or the outgoings.

Some years later, H beca ... THIS IS AN EXTRACT OF THE FULL TEXT. TO GET THE FULL TEXT, SEE BELOW

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