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1. In 2000 Kevin, a mechanic, and, his partner, Sally, purchased a garage, Fast Fit, for £500,000. Kevin and Sally live in a flat above Fast Fit’s workshop. The property is registered in Kevin and Sally’s joint names. Between them they contribute a deposit of £50,000, Kevin and Sally borrowed the balance of the purchase price from the Weatherfield Bank as a twenty-year loan secured by way of legal mortgage on the property. This year Fast Fit’s business has declined and Kevin and Sally have started to default on their mortgage repayments. Dev, a local businessman, tells them that he has approached the Weatherfield Bank to discuss the possibility of getting a loan to buy and demolish Fast Fit and turn it into a car park for his supermarket. Sally has just been offered a job and is confident that her and Kevin’s financial situation is likely to improve.

Advise Kevin on ALL the following four issues:

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(a) whether the Weatherfield Bank can repossess Fast Fit;

AND

(b) if the Weatherfield Bank can be compelled to postpone any sale of the property for a few months because Kevin and Sally have read a local estateagent’s forecast that the value of business property in Weatherfield is set torise;

AND

(c) if the Weatherfield Bank can be made to sell Fast Fit at auction, and as a going concern, rather than make a private sale to Dev;

AND

(d) how the proceeds of any sale would be applied.

4. Elizabeth was the registered owner of Republican Acre, which she purchased with Philip who contributed 30% of the price. Republican Acre comprises a house, in which they both live, and an adjoining field. Andrew has an easement over Republican Acre arising by prescription although he now rarely uses it as he has become a recluse. Last year Elizabeth granted Andrew a ten year option to purchase Republican Acre for £5,000,000. Elizabeth has now sold Republican Acre to Charles for £10,000,000 whilst Philip was away for the weekend and Andrew was spending a couple of days staying in a guest room in the house.

Answer ALL of (a) AND (b) AND (c).

(a) Advise Charles, whose title to Republican Acre has now been registered.

AND
(b) How, if at all, would your advice differ in EACH of the following ALTERNATIVEcircumstances:

(i) No purchase monies arose on the disposition to Charles as the house was a gift from Elizabeth;

AND

(ii) The legal title to Republican Acre was registered in the joint names of Elizabeth and Margaret from the outset although,unknown to Charles, Margaret had died minutes beforeCharles bought the house from Elizabeth and transferred themonies into Elizabeth’s joint account with Margaret.

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