Q&As
Where a property is held as tenants in common by Will—trustees and an individual (X) and the terms of the Will trust authorise the sale and purchase of a replacement property (subject to X’s consent), must the replacement property be held in the same proportions of beneficial interest as the original property?
Case study
By the terms of A’s Will, A’s 50% Beneficial interest in a residential property is held on trust for X for life. The other 50% beneficial interest is owned by X outright. The Will trust gives the trustees the power to apply the proceeds of sale of the property towards the purchase of a Substitute property. The trustees wish to sell the original property and purchase a substitute property with X, but are unsure as to their options when purchasing the replacement property.
Tenancies in common and joint tenancies
In the following case study, where property is held in the following proportions:
- •
50% by the trustees of A’s Will on trust for X for life
- •
50% by X absolutely
It
To view the latest version of this document and thousands of others like it,
sign-in with LexisNexis or register for a free trial.