What is beneficial ownership? The English legal system allows for ownership of an asset (such as a house or money) to be split between legal ownership and beneficial ownership by way of a simple form of trust. Often, someone who owns as asset will own both the legal and beneficial ownership. However, sometimes these forms of ownership are divided for a variety of reasons. For example, in the case of a trust, the trustees have legal ownership of the trust assets while the beneficiaries of the trust have beneficial ownership. The trustees manage the assets on behalf of the beneficiaries who are entitled to receive all the benefit from the assets. In short, the owner of the beneficial interest in an asset has the right

It is assumed that: • the deceased was domiciled in England and Wales • there are no issues with time limits Under section 1 of the Inheritance (Provision for Family and Dependants) Act 1975 (I(PFD)A 1975) a child of the deceased may bring a claim against the deceased’s estate on the ground that the disposition of the deceased’s estate is not such as to make reasonable financial provision for them (I(PFD)A 1975, s 1(1)(c)). Reasonable financial provision means such financial provision as it would be reasonable in all the circumstances of the case for the applicant to receive for their maintenance (I(PFD)A 1975, s 1(2)(b). The success of such a claim depends on all the specific circumstances

In a consumer contract, a clause requiring disputes to be resolved exclusively by arbitration is not automatically binding and may be subject to significant legal scrutiny under the laws of England and Wales. Such clauses are governed by the Arbitration Act 1996 (AA 1996), the Alternative Dispute Resolution for Consumer Disputes (Competent Authorities and Information) Regulations 2015 (Consumer ADR Regulations), SI 2015/542 and the Consumer Rights Act 2015 (CRA 2015), which impose restrictions to protect consumers from unfair terms. Under AA 1996, s 91, a compulsory

The Law Society’s Conveyancing Protocol came into force on 1 April 2011 and became mandatory for members of the Conveyancing Quality Scheme (CQS). The Protocol has 12 general obligations designed to highlight to conveyancers the standards expected of them. It stresses that the overriding obligation to act in the best interest of

A judgment summons is a procedure for the enforcement of a debt pursuant to a court order, for example the arrears of spousal maintenance. In the context of family law, only an order for periodical or other payments made, or having effect as if made, under Part II of the Matrimonial Causes Act 1973, are enforceable by way of judgment summons. A fairly wide meaning has been attributed to the words ‘having effect as if…’, with orders for payment of school fees and for costs having been encompassed by this definition (Migliaccio v Migliaccio). Under the remedy of a judgment summons, the court has the power to imprison a debtor for up to six weeks if the debtor has or has had the means to pay the amount owing and has neglected or refused to do so. The court’s usual powers to commit

It seems from the question that a notice to complete giving 21 days is a notice served pursuant to the Leasehold Reform (Collective Enfranchisement and Lease Renewal) Regulations 1993, SI 1993/2407, Sch 2, para 8. After

Contractual interpretation The principles of construction for deeds and non-testamentary instruments: Halsbury's Laws of England [364]. As set out in the above Practice Note, applying the reasonableness test, one can reasonably say that lease does not exclude all animals to be kept in the premises but only those which may cause annoyance and/or nuisance. Also, more often than not, residential leases prohibit tenants from keeping any animal on their premises and applying the 'matrix of facts test' the assignor can use general market practice to strengthen its argument. The question which therefore follows is what can constitute nuisance? What is nuisance? For private nuisance generally, see Practice Note: Establishing a claim for private nuisance. As explained in the above Practice Note, private nuisance protects the claimant’s use and enjoyment of their land by balancing the interest of the claimant in enjoying their land, against the interest of the defendant in enjoying

There is a general assumption that the interim rent in a business lease renewal under the Landlord and Tenant Act 1954 (LTA 1954) will be the same as the new rent, provided that certain conditions are met. See Practice Note: Interim rent (under ‘How is interim rent calculated?’). However, that is subject to exceptions set out at LTA 1954, s 24C(3). These are that: ‘…(a) [the new rent differs substantially from the rent that the court would have ordered if the new tenancy had started on the date from which interim rent is payable], and (b)

Shares in a company can be issued as certificated shares or uncertificated shares. Generally, shares issued by private companies and unlisted public companies are usually held in certificated form while shares in listed companies and AIM companies are usually held in uncertificated form. Shares in a company are held in certificated form if: • the company has issued a physical share certificate for the shares, and • the owner of the shares has their name entered in the company's register of members Every company is required by the Companies Act 2006 (CA 2006) to keep a register of members recording the name and address of each member, the number of shares held, and the amount paid up on the shares. A company must issue a share certificate (that meets the requirements of CA 2006) to a person on their becoming a member through an allotment or transfer of shares within two months of the allotment or the date on which the transfer

As explained in Practice Note: Loan capital exemption from stamp duty, an instrument transferring plain vanilla loan capital is not subject to UK stamp duty (section 79(4) of Finance Act 1986 (FA 1986)). However, subject to various exceptions, UK stamp duty normally applies to instruments transferring loan capital which: • at the time the instrument is executed, carries a right (exercisable then or later) of conversion into shares or other securities, or to the acquisition of shares or other securities, including loan capital of

If a private limited company incorporated in England and Wales is making a pre-emptive offer of its shares to its shareholders, the Companies Act 2006 (CA 2006) sets out a clear procedure for communicating the pre-emptive offer to its shareholders. For further details of this procedure, see the section headed 'Making the pre-emptive offer' in the Practice Notes: • Pre-emption rights on allotment—private companies—this Practice Note will be relevant if a company has only one class of shares in issue • Pre-emption rights on allotment—public companies (other than listed and AIM companies)—this Practice Note will be relevant if a company has more than one class of shares in issue The above Practice Notes also provide further information in relation to pre-emptive offers of shares by private companies you may find useful. Unlike a public company, there are more limited rules regarding the amount

Septic tanks and small sewage treatment plants are wastewater systems for domestic sewage that are used when properties are not connected to the mains sewage network, but via a private drainage system. (See Defra consultation reform of regulatory system to control SSDs). When buying or selling property, in addition to the usual Commercial Property Standard Enquiries and water and environmental searches, specific queries in relation to the septic tank and private drainage system should include: • is the property served by a septic tank or sewage package treatment plant? • does it comply with the ‘general