Background
TLATA came into force on 1 January 1997 and was a result of a recognised need for reform in the part of the Law of Property Act 1925 which dealt with trusts. Some problems included the fact that it was hard to establish a trust without it coming under the auspices of the Settled Land Act 1925, which brought with it a range of problems. In particular, the co-owners of property were regarded as having beneficial interests in money and not in the land. Problems arose where partners disagreed over when they wanted to sell a property - usually in the case of separation, and this led to situations where spouses and children might find themselves homeless.
One of the key features of TLATA was to try to redress the problem above by the imposition of statutory considerations which had to be taken into account when dealing with the disposition of trusts and ordering a sale of the family home.
Read more about this topic: Trusts Of Land And Appointment Of Trustees Act 1996
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