Alpha (17), Beta (17), Gamma (18), Delta (17) and Epsilon (18) were the best of friends all throughout their school years. In early September 2023, they were getting ready to head off to Leicester to start their law degrees. Before they went, their parents, who were delighted that all their children were going off to study together, decided to pool together some money so that the children could buy a freehold house to live in for the period of their studies. It was also hoped that, upon graduation, all of the children could then benefit from the future sale of the house to help start their careers. The house they chose cost 250,000 and has 5 bedrooms. Not all of the parents, however, were able to make the same financial contribution. Alpha, Delta and Epsilon were able, with their parents' help, to put in 50,000 each. Beta could only afford to contribute 25,000, but Gamma was able to put in the final 75,000 necessary to reach the purchase price. At the time of the conveyance, the solicitor drafting the deed used this phrase: "to Alpha, Beta, Gamma, Delta and Epsilon as joint tenants in equity". The parties thought nothing of it and continued with the purchase of the property.

Discuss the ownership issues at the outset of the purchase by the 5 students considering both legal and equitable interests in the property.

Furthermore are the ages of the student significant in applying the below statement:

Statute places a limit on the number of people who can exist as co-owners at law over a parcel of land. Under s. 34(2) of the LPA 1925, there can be no more than four legal co-owners. Where legal title is conveyed to more than four, s. 34(2) makes clear that it will be the first four people named in the conveyance who are of full age who will be registered as legal co-owners. Note: there is no limit to the number of co-owners who can exist or any rule against co-owners who are under 18 in equity.