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An individual (A) received a right of first refusal notice in accordance with section 5 of the Landlord and Tenant Act 1987 for a residential flat. There are two other lessees in the building (B and C). A was unable to respond in time but B and C served an acceptance notice on the landlord. B and C claim it is too late for A to join as one of the buyers, is this correct or is there anything that can be done to allow A to be added as a joint buyer with B and C? Alternatively, if A were to make an offer direct to the landlord for a purchase price higher than in the original section 5 notice would this require the landlord to serve new section 5 notices?
Q&As
Where a landlord proposes to make a relevant disposal, affecting premises to which Part I of the Landlord and Tenant Act 1987 (LTA 1987) applies, they must serve an 'offer notice' on the qualifying tenants of the flats contained in the premises. The offer notice must comply with
An individual (D) leaves one-half of his estate to charity, and the other half on a life interest trust to an individual (A) who is not D’s spouse or civil partner, with remainder to charity. The estate’s value exceeds £1m. What are the inheritance tax implications for the estate?
Q&As
Inheritance tax (IHT) is charged on the full market value of assets on death after any available exemptions and reliefs are applied. In calculating the IHT charge on death, it is necessary to consider any lifetime transfers made by the deceased which may give rise to an IHT charge on death or otherwise impact on the IHT payable on the deceased’s estate. See Practice Note: IHT consequences of lifetime transfers. An IHT exemption that is likely to be relevant to the scenario you have described is the charity exemption. See section 23 of the Inheritance
An individual (P), who is a beneficiary of their deceased father's Will, lacks capacity and P's two deputies are also the executors of the estate. A relative of P has requested a copy of the Will and Will file as P's litigation friend (as the executors/deputies are not appropriate to act) but the certificate of suitability provided has not been approved by the court. In a probate action, when does a certificate of suitability provided need to be approved by the court?
Q&As
Where the deputy does not have the requisite power in the order appointing them, a litigation friend can be appointed either by a court order or without the need for a court order. If the procedure for appointment without a court order is followed, a person (including any deputy without such a power) who wishes to be appointed as a litigation friend must
An individual (not domiciled in the UK) makes a gift of UK property to an individual who is resident in the UK. The donor retains a benefit in that gift. The donor then becomes domiciled in the UK. Do the gifts with reservation rules apply and therefore, would the gifted property fall within the donor's estate?
Q&As
This Q&A considers the gifts with reservation of benefit (GROB) rules contained in the Finance Act 1986 (FA 1986). For the purposes of this Q&A the following assumptions have been made: • the gifted property is land
An individual (the owner) who is not resident in the UK owns some mortgaged properties on a buy to let basis in the UK. A lender based overseas wishes to lend to a close relative (who is also based overseas) of the owner and to place a charge over some of these properties. As the owner and relative are individuals, does the Consumer Credit Act 1974 need to be considered? Would the loan otherwise be regulated in the UK? Can a charge be placed with the owner's consent?
Q&As
Under section 19 of the Financial Services and Markets Act 2000 a person cannot carry out a regulated activity, or purport to do so, in the UK unless they are either an authorised person (ie authorised by the Prudential Regulation Authority and/or the Financial Conduct Authority (FCA)), or an exempt person (eg by being an appointed representative). For an overview of the regulated activities regime in the UK, see Practice Note: What are regulated activities? Activities are regulated if they are of a ‘specified kind’ (ie specified by the Financial Services
An individual H died intestate and a grant was obtained by an attorney A for the surviving spouse W. Following W's subsequent death, also intestate, A obtained a grant in W's estate. As H's estate remains unadministered, is an additional grant required to deal with that property?
Q&As
Where an administrator dies without having completed the administration on an intestate estate, a grant of administration de bonis non must be obtained. Where a grant of letters of administration has been issued to an attorney administrator on behalf of the person entitled to the grant under Non-Contentious Probate Rules 1987 (NCPR 1987), SI 1987/2024, r 22 and the administrator (ie donor of the power of attorney) dies in the lifetime of the attorney administrator and before the administration of the estate has been completed,
An individual P, builds a house, Property B in the grounds (the permitted area) of the house, Property A, in which P is living. P sells Property B without ever having lived in it. Is the arising gain a capital gain taxable under the Taxation of Chargeable Gains Act 1992, or a trading profit under section 517C of the Income Tax Act 2007?
Q&As
We have assumed that: An individual P, builds a house, Property B in the grounds (the permitted area) of the house, Property A, in which P is living. P sells Property B without ever having lived in it. For further information see Q&As: • If an individual builds a property (Property B) in the grounds (the permitted area) of the house in which they live (Property A) and then sell Property B, will Property B qualify for PPR relief? How would the capital gain be calculated? If instead the individual moves from Property A into Property B, demolishes Property A and builds a new home in its place (Property C) and sells Property C, will Property C
An individual becomes aware that a family member has fraudulently secured a loan against their property. What should they do?
Q&As
If an individual is the subject of fraud, they should disclose this immediately upon becoming aware. In English v English, the High Court held that a mortgagor had ratified a loan fraudulently secured against her property by her son. On discovering the fraud, in an attempt to protect her son, she had
An individual chargee dies. The executors wish to transfer the charge into the name of the beneficiary. What is the process for updating the proprietor of the charge at HM Land Registry? Will HM Land Registry register the beneficiary as proprietor of the charge on sight of a death certificate and grant of probate?
Q&As
The death of a chargee does not extinguish the liability owed by the chargor and secured by the charge, save in certain specific circumstances. Rather, the liability passes to the estate of the deceased, which will likewise wish to benefit from the security provided by the charge, or may wish to seek to enforce the liability in some other way, but whilst benefiting in the meantime from the security that the charge offers. The first step is often to register the personal representative or representatives of the charge as the proprietor thereof, in place of the deceased. This will ordinarily be the case where there are various assets which need to be gathered in and distributed in accordance with the provisions
An individual co-owns property with their mother by virtue of a trust. The mother is now bankrupt. The mother's beneficial title to the relevant property therefore vests in her trustee in bankruptcy. The individual wishes to acquire their mother's beneficial title from the trustee in bankruptcy and they are agreeable to that arrangement. However, the individual also needs the legal title to be transferred to them to satisfy their lender. Can the trustee transfer the legal title by relying on the provisions in section 283(4) of the Insolvency Act 1986 granting them the power to call for such a transfer as the beneficial owner? The individual, as co-trustee and beneficiary, would consent to such an arrangement.
Q&As
For the purpose of this Q&A we have assumed that the land is registered and that both parties are registered as joint owners on the legal title. Section 283 of the Insolvency Act 1986 (IA 1986) defines the bankrupt's estate as any property which either belonged to the bankrupt or in which the bankrupt had an interest at the date the bankruptcy order was made. IA
An individual defendant has nominated the address of a business consultancy firm for the service of court proceedings. Would this be valid service given they are not solicitors?
Q&As
Where the defendant has given in writing the business address of a solicitor within the jurisdiction as an address at which they may be served, or a solicitor acting for them has notified the claimant in writing that solicitor is instructed to accept service, then the claim form must be served at the business address of the solicitor (CPR 6.7). ‘Solicitor’ for these purposes incudes any other person who is authorised to conduct litigation (CPR 6.2(d)). CPR 6.8 provides that, save where the rules make different provision, a defendant may be served with the claim form at an address
An individual died before 6 April 2017 leaving an interest in a residential property as part of a nil rate band discretionary trust and the personal representatives appoint the trust fund (including the interest in the residential property) to the surviving spouse within two years of the individual’s death. Will the surviving spouse be able to claim the transferable residence nil rate band on death when the residential property passes to the couple’s children?
Q&As
In answering this Q&A we have referred to circumstances in which neither estate exceeds the taper threshold of £2m. The residence nil rate band (RNRB) provisions apply a nil rate of tax to a portion of the chargeable transfer on death. It is applied before the basic nil rate band (NRB). This additional amount, termed the 'default allowance' is made up of two components: • the 'residential enhancement' at the person's death (ie the RNRB), and • the person's 'brought forward allowance' (ie the transferable RNRB) The transferable RNRB is the proportion of unused RNRB which has been transferred from one or more pre-deceased