Q&As

A discretionary trust made a loan to one of the beneficiaries that is secured by way of legal charge over a property in favour of the trustees. The legal charge is registered at the Land Registry and the trustees at the time of the legal charge are registered as the proprietors of the charge. A deed of retirement and appointment has been executed to change the trustees. Can the registered proprietors of the charge at the Land Registry be changed, and if so how? Can the charge be varied so that it is in favour of ‘the trustees of the trust for the time being’ rather than the named trustees?

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Published on LexisPSL on 10/12/2019

The following Property Q&A provides comprehensive and up to date legal information covering:

  • A discretionary trust made a loan to one of the beneficiaries that is secured by way of legal charge over a property in favour of the trustees. The legal charge is registered at the Land Registry and the trustees at the time of the legal charge are registered as the proprietors of the charge. A deed of retirement and appointment has been executed to change the trustees. Can the registered proprietors of the charge at the Land Registry be changed, and if so how? Can the charge be varied so that it is in favour of ‘the trustees of the trust for the time being’ rather than the named trustees?

In this scenario, the trustees are the registered proprietors of a legal charge. The powers of a proprietor of a registered charge are set out in section 23 of the Land Registration Act 2002. See Practice Notes: Registered charges—

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