Refine By
Clear all filter
About 92338 results for "*"
A and B enter into a matrimonial settlement under which A acquires B’s interest in an investment property and B acquires A’s interest in the family home. The investment property becomes A’s main residence. Will there be a capital gains tax liability when A later sells the property?
Q&As
Provided that the property has been A’s only or main residence, A should be able to claim principal private residence relief in respect of any gains arising on a disposal of the property under the normal rules. The relief would cover the period from when the property became A’s only or main residence until the date of disposal. The relief would also cover the
A and B held a property as tenants in common. A died leaving their interest in the property to their two children, C and D subject to a life interest trust of A’s share in favour of B. B has lost capacity and there is a registered lasting power of attorney appointing C and D jointly. How can the parties update the register so that the legal interest is held by B, C and D?
Q&As
In this situation, the tenants in common would have registered a standard Form A restriction. Appointment of new trustee to hold the legal title On the death of a joint proprietor, where the property was held as tenants in common, only the beneficial interest passes to their personal representatives. The interest of a deceased person under a tenancy in common, where another joint owner survives the deceased, is an interest ceasing on their death (see Commentary: 951. Deeming provisions in relation to real estate). As the legal interest was held (and could only be held) by A and B as joint tenants, A’s interest in
A and B held property as tenants in common. A died leaving his share in one property to C and his share in another property to D and E. B has lost capacity, but has a registered lasting power of attorney appointing C and D as attorneys. Can C and D as B's attorneys transfer the legal title to the joint names of B & C in respect of the first property and B, D and E in respect of the second property?
Q&As
On the death of a joint proprietor, where the property was held as tenants in common, only the beneficial interest passes to their personal representatives. The interest of a deceased person under a tenancy in common, where another joint owner survives the deceased, is an interest ceasing on their death. As the legal interest was held (and could only be held) by A and B as joint tenants, A's interest in the legal estate ceases on their death. B is the sole owner of the legal interest, but holds the equitable interest on trust for B and the
A and B jointly own a property subject to a Form A restriction. B historically lost capacity and appointed A as their sole attorney. Can A exercise their own statutory powers as trustee and those of B as attorney in order to appoint a new trustee along with A and B so as to give a good receipt for the capital monies arising on a sale of the property?
Q&As
It is common when there are joint proprietors or a sole proprietor who hold the property on trust for beneficial tenants in common for there to be entered onto the title register at HM Land Registry a restriction in Form A. There is no need to do so where joint proprietors hold for themselves as beneficial joint tenants, as the trust will come to an end when one only is left, due to the operation of survivorship. A Form A restriction provides that there shall be no registration of any disposition by a sole proprietor of the registered
A and B jointly own a property subject to a form A restriction. B historically lost capacity and appointed A as their sole attorney, A cannot sign on their own behalf and on behalf of B as attorney. However, A can nevertheless effect a sale of the property notwithstanding the form A restriction by appointing an additional trustee using the power under section 1 and section 8 of the Trustee Delegation Act 1999 (TDA 1999), who together can then convey the property and effect registration of the transfer. This will ensure that the proprietor takes the property without any question of there being an interest. By virtue of Law of Property Act 1925, section 2 and section 27 any interest to which the restriction is attached is overreached and the claim is therefore against the sale proceeds. The question is, when appointing the additional trustee, can A do so unilaterally or, as A and B remain on the title, must A make the appointment acting on behalf of themselves and also acting for B?
Q&As
A can effect a sale of the
A and B lived in a property registered in A’s name and held on trust for A and B 50/50 under a declaration of trust. A dies and B wishes to buy A’s interest in the property from A’s estate, but claims that B’s interest in the property is greater than 50%. Agreement is reached with the personal representatives of A’s estate so that B pays less than 50%. A’s estate and B waive other claims. What rights do the beneficiaries of A’s estate have if they believe that the property was sold to B for less than it should have been or are unhappy with the agreement?
Q&As
This Q&A deals with the rights that beneficiaries of an estate may have against a personal representative (PR) where it is considered that the PR may have sold an estate property at an undervalue. The PR’s duties The PR, whether an executor appointed under a testator’s Will or administrator acting in an intestate estate, owes certain duties to the estate beneficiaries, among other things to ensure that the estate is duly administered
A and B made an oral agreement to transfer land from A to B, B agreeing to fund and erect a fence on the new boundary, however the land was never legally transferred to B. B then sold its land to C. Can C rely on B’s conduct to claim an equity by estoppel in an application for adverse possession? What if A has since sold its land to D?
Q&As
The Land Registration Act 2002 (LRA 2002) created a new regime in respect of the law of adverse possession in respect of registered land, as set out in LRA 2002, Sch 6. The new regime gives greater protection to landowners where a claim for adverse possession of land is made. The fact of adverse possession for a period in excess of 12 years no longer means that the land will have been acquired by the adverse possessor. Instead, after a period of ten years of adverse possession, the squatter can apply to be registered as proprietor of that land. On the making of an application,
A and B own a property as joint tenants, which is let to a tenant. B dies and the property passes to A by survivorship. If A brings a claim for possession against the tenant, is it necessary to join the personal representatives of B’s estate as a party to the claim until the register is updated to show A as the sole registered proprietor?
Q&As
Where a property is owned by joint tenants of both the legal and beneficial interests, the co-owners do not have a divisible share of the property and so on the death of one joint tenant, the deceased’s interest passes automatically to the other under the right of survivorship. Possession proceedings are brought by the ‘landlord’. In the case of a property which is let on an assured shorthold tenancy (AST), the landlord ‘includes any person from
A and B own a property jointly and B wishes to purchase A’s share at market value, as determined by a surveyor. A has lost capacity and B is A’s sole attorney for property and financial affairs under a registered LPA. Can B sign the property transfer as co-owner of their share and as attorney for A’s share, or does B need to appoint another trustee?
Q&As
The following Q&A addresses this question: Is a sole LPA attorney permitted to purchase real property from the donor where
A and B own adjoining properties with a hedgebank separating them. The title deeds make it clear that B owns the hedgebank. Is there any authority for the proposition that the boundary line between the two properties should be at the point that the vertical meets the horizontal on the side of the hedgebank nearest A? The properties were previously in sole ownership and so the hedge and ditch rule does not apply.
Q&As
The Q&A refers to the ‘hedge and ditch rule’ which is a legal presumption that when adjoining land held by different owners is separated by a hedge and ditch, the hedge and ditch will be deemed to belong to the owner of the land on the same side of the ditch as the hedge is situated, unless there is evidence to the contrary. The two presumptions that the rule relies upon were detailed in Alan Wibberley Building Limited v Insley: • the ditch was dug after the boundary was drawn, and • when a person cuts a ditch they will do so at the very
A and B own land as tenants in common in equal shares. A has died and B is untraceable. A’s personal representatives need to sell the land. What are their options in this situation?
Q&As
In situations where it is unclear whether the untraceable tenant in common is alive or dead, see Practice Note: Missing persons and presumption of death. The following Practice Notes may also be of interest: Declarations of presumed death and Missing beneficiaries and intestacy with no surviving relatives. In respect of trusts of land, see Trusts subtopic: Trusts of land—overview, including: • Practice Note: Buying property from a sole surviving co-owner
A and B own real property as beneficial tenants in common in equal shares. B wishes to execute a declaration of trust over B's 50% beneficial interest in favour of B and C (who is not a legal owner). Could the new beneficial interests under the declaration of trust be registered against the legal title?
Q&As
We have assumed that a restriction has been registered against the legal title held by A and B to reflect the underlying beneficial interests. It is also assumed that the proposed declaration of trust by B over a 50% beneficial interest would be a bare trust in favour of B and C. A declaration of trust could be executed by a beneficial owner (B) in respect of B's 50% beneficial interest in favour of B and C, but that may be over-complicating the ownership structure, as there would be two levels of trusts; one relating to the legal title and the other relating to B's share