As a matter of law, where a party (whether legally represented or otherwise) signs an agreement they are taken to have understood and read the terms of that agreement. There are only limited circumstances in which the courts will intervene to rescind a contract and treat it as void, these are: • fraudulent misrepresentation • bribery • duress • mental incapacity For more information on these issues, see Practice Note: Rescission of a contract. Absent such circumstances, the party will remain bound by the terms of the agreement—however they may have a right to claim against their legal representative for the failure to advise as to the terms of settlement and the consequences of accepting or rejecting any offer

It is assumed that the restriction referred to is a standard Form A restriction. Where co-owners hold the beneficial interest to a property as tenants in common, a Form A restriction must be entered on the registered title. A Form A restriction states: ‘No disposition by a sole proprietor of the registered estate (except a trust corporation) under which capital money arises is to be registered unless authorised by an order of the court.’ A Form A restriction in the register should alert any purchaser from a sole surviving co-owner that the sole surviving co-owner cannot give a valid receipt for capital monies and that, in order to overreach the trust, a second trustee will need to be appointed. For guidance on overreaching see Practice Note: Overreaching—sales by trustees of land. If co-owners hold the beneficial interest in a property as joint tenants

The usual way in which one person can take action for another to leave a property in which they cohabit is to apply for an occupation order under the Family Law Act 1996 (FLA 1996). An occupation order can do a number of things, including enforcing the applicant’s entitlement to remain in occupation as against the respondent. An occupation order can be made against any associated person and there does not need to be domestic abuse in order for an application to be made. If the parties are cohabitants and have never been married, then the application would need to be made under FLA 1996, s 33. For further guidance, see Practice Note: Occupation

If there is an express declaration of trust in place, whether in the Form TR1 (HM Land Registry Transfer of Whole Registered Titles(s)) or in a separate document, that trust will be conclusive as to the beneficial interests held by the parties (Goodman v Gallant). Where there is no express declaration of trust, however, the court turns to the tool of the common intention constructive trust to determine the split of the beneficial interest between cohabitants. The starting presumption when a property is purchased in the joint names of a cohabiting couple who are both responsibly for any mortgage secured against the property is that the cohabitants are joint tenants in equity as well as in law. The Supreme Court in Jones v Kernott warned that caution should be exercised

Contrary to popular belief, there is no legal status of ‘common law spouse’. Where parties are not married, their financial affairs are governed, where there is a dispute by the law of trusts, principally by that set out in the Trusts of Land and Appointment of Trustees Act 1996 (TOLATA 1996). The court does not have the powers set out in the Matrimonial Causes Act 1973 to make property adjustment orders. Therefore quantifying the interests of the parties in assets such as property will be based upon any declaration of trust or, absent that, the express, inferred or imputed common intentions of the parties. Property owned for domestic purposes (such as the family home) will be presumed held beneficially

Under section 74 of Finance Act 2003 (FA 2003) stamp duty land tax (SDLT) relief is available where a chargeable transaction is entered into by a person or persons nominated by qualifying tenants of residential blocks of flats exercising their right of collective enfranchisement (ie to acquire the freehold and superior leasehold interests in

In answering this Q&A we have limited our research to cover enforcing by way of charging an interest in securities. We assume it is sought to charge company shares on the basis the judgment debtor has an indirect interest in them. In conducting our research we have focussed on enforcement by way of charging an interest in securities. Charging order on beneficial interest Under section 2 of the Charging Orders Act 1979 (COA 1979): '(1) Subject to subsection (3) below, a charge may be imposed by a charging order only on— (a) any interest held by the debtor beneficially— (i) in any asset of a kind mentioned in subsection (2) below…' '(2) The assets referred to in subsection (1) above are—… … (b) securities of any of the following kinds— (i) government stock, (ii) stock of any body

A lease for a term not exceeding three years can be created orally pursuant to section 54 of the Law of Property Act 1925 (LPA 1925). For the purposes of this scenario, it is assumed that the new residential lease to be granted is a long lease. In those circumstances, section 2(1) of the Law of Property (Miscellaneous Provisions) Act 1989 requires that a contract for the sale or other disposition of an interest in land can only be made in writing and only be incorporating all the terms which the parties have expressly agreed in one document, or, where contracts are exchanged, each of them. For the grant of a long residential lease therefore, it is necessary for there to be a contract or agreement for the grant of the lease that complies

Possible forms of protection in the scenario described include that it may be possible to effect a reducing term life policy on the life of the payer. The sum assured would be the amount required to meet the maintenance obligation during the term of the order on a reducing basis to take account of payments made. Such a policy may well carry a weighting in the light of the medical condition of the insured. The beneficiary of the policy would be the payee, who will have sufficient insurable interest. Consideration might also be given to a secured term periodical payments order. Any form of secured provision is these days unusual. However, it might well suit the particular circumstances. Such an order can

The scope of the small claims track and its effect on costs CPR 26.6 sets out the scope of the small claims track. There are special rules for claims involving personal injury and landlord and tenant disputes. In all other claims which have a value of not more than £10,000, the small claims track would be the normal track. Where a claim is allocated to the small claims track, the costs which are recoverable are extremely modest. When do the special costs rules apply? However, the special small claims track costs rules apply only where a claim has been

A dividend cannot be declared (in the case of a final dividend declared by the shareholders) or the decision is made to pay it (in the case of an interim dividend payable on a decision the directors) unless the company has sufficient distributable profits available to pay it (Industrial Equity Ltd v Blackburn, Re Queen's Moat Houses plc, Secretary of State for Trade and Industry v Bairstow). In the absence of anything to the contrary in a company's articles, as between a company and its shareholders, it is those shareholders on the register of members at the time a dividend is declared (in the case of a final dividend declared by the shareholders) or the decision is made to pay it (in the case of an interim dividend payable on a decision the directors) who will be entitled to the dividend

Property in England and Wales can be held by joint owners beneficially in one of two ways. The beneficial ownership can either be held as joint tenants, meaning that both co-owners own the whole of the beneficial interest, or as tenants in common, which means that they each own a defined share. The legal estate is always held as joint tenants. The effect of a joint tenancy in equity is that on the death of one co-owner the other automatically becomes the owner of the equitable interest regardless of any Will. A joint tenancy