Disposition definition

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Leasing or buying from a heritable creditor in possession (Scotland)—checklist

Leasing or buying from a heritable creditor in possession (Scotland)—checklist Title When taking a lease or buying from a heritable creditor in possession, the title deeds should include: • the original or a certified copy of standard security under which the heritable creditor purports to have title • evidence that the power to enforce the standard security has arisen (ie a default has occurred and calling up procedures have been followed), see Practice Note: Enforcing standard security—Scotland The standard security will be registered against the title to the property, but you should also check that it: • has been registered at Companies House • has been properly executed, see Practice Note: Execution of documents under Scots law and Registers of Scotland—guidance on execution of documents in counterpart • contains provision to allow the heritable creditor to call up and sell or lease Most standard securities will contain an express power to enforce on the occurrence of specified events of default, but if this is not the case, a power to...

Charity land acquisition and disposal—checklist

Charity land acquisition and disposal—checklist Before and during the acquisition and disposal of land, trustees have a number of matters they should consider. Before acquisition • consider the purpose of the acquisition, eg is it functional, investment or for purposes • whether the trustees are agreed that the acquisition is necessary to further the aims of the charity and it is the interests of the charity to do so • ensure there is power in the governing instrument to acquire the land, and if not, on what basis can they legally justify the purchase • determine if the transaction needs to be financed and, if so, how • decide if the property is to be acquired in the names of the trustees or, perhaps, vested in the Official Custodian • consider the VAT status—where the seller/landlord has opted to tax or made a real estate election or the property id under three years old, an acquisition may not make sense unless: ◦ the supply will be zero-rated because the property...

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Excluded property from 6 April 2017—flowcharts

Excluded property from 6 April 2017—flowcharts These flowcharts are designed to help determine if an asset is excluded property for the purposes of UK inheritance tax (IHT) on or after 6 April 2017. The flowcharts consider whether an asset is excluded property or not, depending on the situs of the property and the domicile of the beneficial owner or settlor as appropriate. However, the detailed provisions relating to excluded property should be referred to and practitioners should also consider whether a double tax treaty may apply to override the excluded property regime depending on the particular circumstances of a matter. See Practice Note: Double taxation relief—summary. Conversely, unilateral relief from IHT may apply where a tax of a similar nature has already been levied in respect of the same asset by a foreign tax authority. For further information, see Practice Notes: Excluded property trusts—key events affecting IHT status and Situs of assets for succession and IHT. Situs of property The situs of an asset is important for determining the...

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Land registration—overriding interests, occupiers and interests which have lost overriding status

This Practice Note looks at overriding interests under the Land Registration Act 2002 (LRA 2002). It contains detailed content on actual occupation as an overriding interest as well as linking to additional relevant content which provides detailed information on other overriding interests. It also touches on interests which have lost overriding status since LRA 2002 came into force.Overriding interests under the Land Registration Act 2002Overriding interests generallyOverriding interests are unregistered interests which affect registered land even though they are not shown on the register. They bind both the registered proprietor and any person who acquires an interest in the property.Overriding interests fall into two categories:•those that override the first registration of land; these are set out in LRA 2002, Sch 1•those that override a registered disposition of land for value; these are set out in LRA 2002, Sch 3Both categories of overriding interest include the types of interest set out below.Leases for less than seven yearsMost leases for less than seven years are overriding interests. However, there are exceptions; a...

Charity land disposals

Identifying charity landCharity land can be held by any person or group of persons. The purpose for which the land is held determines whether or not it is charity land. In many instances land is held by a registered charity. However, it is possible that a company (whether limited by shares or guarantee), a local authority, a body of trustees or an unincorporated association might be holding land on the terms of a charitable trust without necessarily even being aware that it is doing so. See below for the statutory definition of ‘charity land’.Different types of charity for the purpose of land transactionsThere are three types of charity for the purpose of disposal, each of which requires a different procedure:•exempt charities—any charity listed in Schedule 3 to the Charities Act 2011 (CA 2011) is an exempt charity (this includes academies, foundation and voluntary schools, sixth form college corporations and most universities, certain museums and galleries and various charitable societies (eg housing associations)•non-exempt charities—although the term 'non-exempt charity' does not actually...

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Cross-border protocol for insolvencies or restructurings

Cross-border protocol for insolvencies or restructurings This Agreement is made [insert day and month] 20 [insert year] Parties 1 [insert name of insolvency representative] in their capacity as [insert capacity eg liquidator or administrator or trustee or custodian or supervisor or curator or examiner] of [insert name of company(ies) appointed over] in [insert name of country A] appointed by a decision of the [insert name of court or administrative or governmental or regulatory body appointing them] dated [insert date]; and 2 [insert name of insolvency representative] in their capacity as [insert capacity eg liquidator or administrator or trustee or custodian or supervisor or curator or examiner] of [insert name of company(ies) appointed over] in [insert name of country B] appointed by a decision of the [insert name of court or administrative or governmental or regulatory body appointing them] dated [insert date]; together referred to as the Insolvency Representatives; and 3 [insert name of debtor company(ies)] a company incorporated in [insert country] under number [insert registered number] whose ...

Trust for a disabled person—discretionary

Trust for a disabled person—discretionary This TRUST is made on [date] Parties 1 [settlor] of [address] (the Settlor) and 2 [original trustees] of [addresses] (the Original Trustees) Background (A) The settlor wishes to make this Trust and has transferred to the Original Trustees the assets described in Schedule 1 to be held on the following trusts. (B) The Principal Beneficiary is a disabled person within the meaning of that term in the Finance Act 2005, Schedule 1A. This Deed PROVIDES: 1 Definitions and interpretation In this Trust: 1.1 Discretionary Beneficiaries • means (a) any spouse or [widower OR widow] whether or not remarried of the Principal Beneficiary; (b) the descendants of the Principal Beneficiary; (c) the spouses, widows or widowers (whether or not remarried) of the descendants of the Principal Beneficiary; 1.2 Principal Beneficiary • means [disabled person]; 1.3 spouse • shall include a civil partner registered under the Civil Partnership Act 2004 and a spouse of the same sex, and a person is a...

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Can the trust deed be protected by standard Form A restriction at the Land Registry and what is the best way of registering the trust deed at the Land Registry?

Can the trust deed be protected by standard Form A restriction at the Land Registry and what is the best way of registering the trust deed at the Land Registry? It has been assumed that the property that is the subject of the trust deed is registered property and that the trust deed is to be made between co-owners of the registered property. Where two or more people together own real property, they hold it under a trust of land. Where property is held on a trust of land, the legal estate and equitable estate are separate. The legal estate must be held by the co-owners as joint tenants. The beneficial interest in the property can, however, be held by the co-owners either as: • joint tenants, or • tenants in common If the co-owners are joint tenants, each has an indivisible share in the property, so that each owns the whole rather than an identifiable share of the property. The right of survivorship applies so...

A is the registered owner of F/H property. A transfers part of the F/H property to B. B fails to register the transfer of part with the LR in time by the time A transfers the F/H property (which includes the part transferred to B) to C. C is registered as the owner of all of the F/H property. When B seeks to register the transfer of part of the F/H, LR reject the application as the F/H is registered in the name C and it is A and not C who is the transferor on the transfer of part. How does B go about getting the LR to register B as the owner of part of the F/H?

A is the registered owner of F/H property. A transfers part of the F/H property to B. B fails to register the transfer of part with the LR in time by the time A transfers the F/H property (which includes the part transferred to B) to C. C is registered as the owner of all of the F/H property. When B seeks to register the transfer of part of the F/H, LR reject the application as the F/H is registered in the name C and it is A and not C who is the transferor on the transfer of part. How does B go about getting the LR to register B as the owner of part of the F/H? A transfer of a registered estate is done by the appropriate form, which includes Form TR1 or, where the transfer is of part of a title, Form TP1 (rule 58 of the Land Registration Rules 2003, SI 2003/1417). The effect of the execution of the Form TR1 or TP1 is to...

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Property Disputes weekly highlights—22 May 2025

This week's edition of Property Disputes weekly highlights includes: Supreme Court decisions on the Building Safety Act 2022 and wild camping rights, a Court of Appeal judgment on discharge of restrictive covenants, Upper Tribunal decisions on rectification of the register and admitting fresh evidence in a rent repayment order appeal, and High Court decisions concerning a rate mitigation scheme, the debt respite regulations, and proprietary injunctions. It also includes the minutes of the Online Procedure Rule Committee meetings of 17 March 2025 and 14 April 2025, minutes of the Civil Procedure Rule Committee meeting of 4 April 2025 and key developments on the Renters’ Rights Bill and the Welsh Government’s legislative programme for the final year of the Senedd term, including the Building Safety Bill.

Restructuring and Insolvency weekly highlights—22 May 2025

This week's edition of Restructuring and Insolvency weekly highlights includes: the publication by the Insolvency Service of its monthly insolvency statistics for April 2025, a discussion of the Court of Appeal’s dismissal of appeals against the High Court’s decision to sanction Thames Water’s restructuring plan (Kington v Thames Water), an examination of the availability of proprietary injunctions in antecedent transaction claims in insolvency proceedings (Khan v Goldfarb), plus a round-up of other news and cases for restructuring and insolvency professionals.