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?

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Produced in partnership with Helen Galley of XXIV Old Buildings
Published on: 14 December 2016

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:

  1. 50% by the trustees of A’s Will on trust for X for life

  2. 50% by X absolutely

It

Helen Galley
Helen Galley

Helen has built up a reputation as a well-respected commercial Chancery practitioner with an emphasis on property and trusts related issues. She has built up extensive and wide ranging expertise in both non contentious and contentious property matters ranging from small scale cases to multi-million pound developments. Helen has also acted in a wide range of commercial and business disputes in areas as diverse as travel, hire purchase, the media, entertainment, IPR, IT and e-commerce. Contentious and non-contentious trusts matters, both on and offshore, are a regular feature of her caseload. Helen is a member of STEP, ACTAPS, the Property Bar Association, the Chancery Bar Association and IAL as well as an accredited mediator. Helen is recommended as “a first-rate advocate” in Legal 500 2015 for private client (trusts and probate), partnership and professional negligence. She is said to be “consistently able to provide excellent advice in a charming and friendly style” and is “responsive, hugely supportive and extremely user-friendly”.

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Jurisdiction(s):
United Kingdom
Key definition:
consent definition
What does consent mean?

Consent is defined as any freely given, specific, informed and unambiguous indication of the data subject’s wishes by which they, by a statement or by a clear affirmative action, signify agreement to the processing of personal data.

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