Refine By
Clear all filter
About 91012 results for "*"
Where a transfer contains an estate rentcharge, is it possible to agree that section 121(4) of the Law of Property Act 1925 allowing the rentcharge holder to create a rentcharge lease, shall not apply? If it is possible, do you have a Precedent agreement in this regard?
Q&As
Rentcharges A rentcharge is the payment of a fixed sum of money on an annual basis by the freehold owner of the affected land to the holder of the rentcharge. Section 2 of the Rentcharges Act 1977 (RcA 1977) prohibited the creation of new rentcharges. Estate rentcharges An estate rentcharge is a rentcharge which is created for the purpose of securing compliance with a covenant. RcA 1977, s 2(3)(c) provides that the creation of new estate rentcharges is not prohibited. Extinguishment of rentcharges RcA 1977, s 3 provides that all rentcharges will be extinguished at the latest 60 years after the passing of the RcA 1977, ie in 2037. Remedies for recovering the rentcharge In order for a rentcharge holder to be able to recover the annual sum of money
Where a transfer contains an indemnity covenant but there is no note of that indemnity on the registered title, is the chain of indemnity broken merely by a note not being made on the register? In such a case, would a transferee still have to give an indemnity in the transfer to it?
Q&As
An indemnity covenant is an agreement by a party to indemnify another party against certain losses or liabilities that may arise in specified circumstances. A common example of an indemnity covenant in a transfer of land is in respect of any breaches of covenants committed by the buyer which could lead to a liability on the seller. This might be so if the property is subject to pre-existing covenants, necessitating a chain of indemnity to protect previous owners who have sold on their interest from the prospect of breaches by their
Where a transfer excludes the right of light to windows in building A over building B states that no right to light can be acquired by prescription by building A over building B and specifically allows building of additional floors to building B thereby blocking light to building, can the owner of building A claim a right of light by necessity despite the wording of the transfer?
Q&As
When can an easement be implied at common law? Implied grant The implied grant of an easement arises out of an express grant or disposition of the servient or dominant tenement (or the simultaneous disposition of both). An easement can only be implied where both the dominant and servient tenements have been in common ownership. An implied easement can arise on the grant of a lease but it is limited to the actual continuance of the lease. See Practice Note: Implied easements—common law. The right to light may be created by implication of law. If a person owns a house, and also owns property of any kind adjoining that house, and then either conveys the
Where a transfer is silent on whether the parties include successors in title, do rights granted over retained land for the benefit of a purchaser enure for the benefit of successors? The transfer is registered and the right to enter retained land to carry out repairs to the transferred land is not stated to be personal.
Q&As
In the scenario described, an easement was granted to the buyer in the transfer so that the buyer could access the retained land to repair its adjoining property and that transfer and easement within it are now registered. An easement is an intangible right enjoyed by the owner of a legal estate (dominant tenement) over land in the ownership of another person
Where a transfer of part of registered land has been completed but cannot be registered because consent is required under a registered restriction which has not been granted, does the transferor hold the transferred part as bare trustee for the transferee and should a restriction in Form A be registered to reflect such trust?
Q&As
It is often the case on the sale of, for example, development land, that the vendor requires compliance with certain provisions contained in the contract of sale which do not merge in the transfer or are specifically set out in the transfer before any sale of the land or any part of it may be registered. This most commonly occurs in relation to overage provisions, where a vendor sells land with either limited or no planning permission for development and without taking a sum for hope value. The vendor may then require a share of any uplift in value to be paid to him if the purchaser/developer obtained specific planning permission or more extensive and valuable planning permission than existed at the time of
Where a transfer of part refers to a variable rentcharge to secure the payment of service charge and is supported by a Deed of Covenant and title restriction, does the 'freehold setup' remove the risk of enforcement of the draconian remedies under section 121 of the Law of Property Act? Further, can a fixed rentcharge of £1 p/a still be created under the Rent Charges Act 1977?
Q&As
A rentcharge is a method of securing a regular payment due to a third party in respect of land other than a payment by way of rent under a lease or of interest. Rentcharges historically were a mechanism enabling developers to continue to receive an income from land after it had been developed and sold and remains common in certain parts of the country including in the larger metropolises in the north and in the south-west. The Rentcharges Act 1977 (RA 1977) abolished new rentcharges, subject to limited exceptions, and provided for the extinguishment of existing rentcharges by 2037. One of those exceptions is an estate rentcharge,
Where a transferor is providing a gifted deposit element of the purchase price to the transferee (who is a family member) should the purchase price in the contract and transfer be stated as the price net of the gifted deposit? The transferee's mortgage institutional mortgage lender is suggesting that this is the case, despite their valuation reflecting the gross price which seems most unusual.
Q&As
The vendor is not reducing the sale price as an incentive for sale, nor they are selling at an undervalue. Instead, the vendor has decided to accept a lower figure from the purchaser than the actual deposit required as a way of gifting that difference to the purchaser. An example would be, if the property is sold for £400,000, and £300,000 is raised by way of a mortgage and the remainder comes from the deposit,
Where a trial has been adjourned after it has started, does a party need to issue a new witness summons? The original summons was issued with conduct money. Does a new witness summons, with further conduct money, have to be issued, or is it sufficient to simply notify the witness of the new trial dates and rely on the previous summons and conduct money?
Q&As
CPR 34.5(3) provides: ‘(3) A witness summons which is— (a) served in accordance with this rule; and (b) requires the witness to attend court to give evidence, is binding until the conclusion of the hearing at which the attendance of the witness is required.’ [emphasis added] The wording of this provision suggests therefore that the summons is binding until
Where a trust deed (which governs the trust) is governed by the laws of England and Wales, will a subsequent deed of appointment of a trustee which is governed by the laws of Jersey be valid?
Q&As
A trust may have foreign connections in a number of ways. These include: • residence of the trustees • the governing law of the trust • the residence and/or domicile of the settlor • the residence or domicile of the beneficiaries, and • the location of the trust assets A trust is not a legal entity. It is therefore the residence of the trustees that determines the extent to which the income and gains of the trust are liable to tax in the UK. There are special rules relating to the residence of trustees for both income tax and capital gains tax purposes.
Where a trust deed is missing the page where the power of appointment should be contained, but there is a covering letter from the solicitor who prepared the trust deed which references the power, can the power of appointment still be exercised by the trustees?
Q&As
The situation is that the trustee holds an incomplete copy of the deed of trust, but there is evidence in the form of a contemporaneous solicitor’s letter as to what provisions the part of the deed that is missing contained. Obviously, the continued existence of the trust and of the powers appertaining to it is not contingent upon the continued existence of the trust deed. If the whole deed was destroyed,
Where a trust holds shares in a company, is it necessary to list all the trustees in the relevant incorporation documents or statutory registers?
Q&As
When referencing the ‘holding’ of company shares by a trust, it is primarily noted that a trust, not being a legal entity, cannot be registered as the owner of the shares. For example, as regards the register of members, section 126 of the Companies Act 2006 (CA 2006) is clear that…‘no notice of any trust, expressed, implied or constructive, shall be entered on the register of members of a company registered in England and Wales or Northern Ireland, or be receivable by the registrar.’ Therefore the names of one or more of the trustees should be entered on the relevant documentation. As well as the
Where a trust instrument grants a particular person a power to terminate the trust, what issues should that person and the trustees consider before the power is exercised?
Q&As
The terms of the trust instrument can give a specified person, whether a beneficiary, the settlor or other person (‘the power-holder’), an express power to terminate the trust, usually in the form of a power of appointment. This is particularly common with offshore trusts ie trusts of which the trustees are treated as having a tax residence outside the UK—see: Offshore trusts—general principles—overview. The power may be very broad, effectively allowing the power-holder to appoint the trust assets to anyone, including the