A transfer of equity is a transaction where legal ownership of a property changes hands or equity is increased or decreased, often resulting from a change in circumstances. The process The process involved in transfer of equity requires the following steps to be completed: • gain possession of title deeds (or an official copy from HM Land Registry) • preparation of the Transfer of Equity Deed, and arrangement for the parties to sign it in front of a witness • notification to be given to any third party who has an interest in the property ie the bank that provided the mortgage. In the case the property is mortgaged, it is necessary to provide written consent in

Certain land transactions between companies that are members of the same corporate group can benefit from the stamp duty land tax (SDLT) group relief. For more on the conditions that must be satisfied for SDLT group relief to apply, see Practice Note: SDLT group relief. Company is defined as a body corporate for SDLT group relief purposes (Schedule 7, Part 1, paragraph 1(2)(a) to the Finance Act 2003). Body corporate is not defined in the SDLT legislation.

For detailed information on claims for failure to inform and consult under the Transfer of Undertakings (Protection of Employment) Regulations 2006 (TUPE 2006), SI 2006/246, see the section: ‘Failure to inform and consult’ of Practice Note: TUPE—information and consultation. Who must inform and consult The obligations to inform and consult apply to any employer with employees who may be 'affected' by the transfer or 'measures' connected with it. This will always include the transferor in relation to the transferring employees but, in addition: • the transferor may have to inform and consult with any non-transferring workforce if it may be affected by the transfer, and • the transferee may also have obligations to its own workforce if it could be affected by the transfer See the section: ‘Who must inform and consult’ of Practice Note: TUPE—information and consultation. Variation of the duty to inform and consult where no appropriate representatives Typically,

When the local planning authority (LPA) is considering consultation for a planning application, regard should be had to Schedule 4 to the Town and Country Planning (Development Management Procedure) (England) Order 2015, SI 2015/595. For example, where development is likely to result in a material increase in the volume or a material

Under section 10(1)(b) of the Mental Capacity Act 2005 (MCA 2005), a trust corporation can be a donee of a lasting power of attorney (LPA) for property and

Full question: Can a trust deed be varied by deed of variation to amend the date if a party mistakenly signed it and dated it on exchange instead of completion of a property purchase? The starting point when considering amending an agreement is whether the agreement is effective. The effective date of the agreement may not be the same as the date it was signed. Under the Law of Property (Miscellaneous Provisions) Act 1989 (as amended by SI 2005/1906), an agreement executed as a deed must be delivered in order to take effect. If a deed is not dated, external evidence is admissible to prove the correct date. Unless delivery is conditional, a deed becomes

Vulnerable beneficiary trusts There are two types of vulnerable beneficiary trusts: • trusts for bereaved minors. Under section 71C of the Inheritance Tax Act 1984 (IHTA 1984), a ‘bereaved minor’ means a person who has not yet attained the age of 18 and at least one of whose parents has died • trusts for disabled persons as referred to in IHTA 1984, s 89 and 89B. For these purposes, a disabled person is someone who is incapable of managing their property or affairs within the meaning of the Mental Health Act 1983 or who is eligible for any of the following benefits (even if they do not receive them): ◦ attendance allowance (either the care component at the middle or highest rate, or the

Case study Where shareholders of a private company had an intention and mutual understanding to write life and critical illness policies in trust for the purpose of enabling the company shares to be bought by the other shareholders on one shareholder's death or critical illness, but the trust documentation was not completed. Trust over policy Where an individual seeks to declare a trust over property which they hold, it is necessary that the settlor manifested an intention

Can a trustee in bankruptcy challenge a trust (which was created over ten years ago) to put 'assets' out of the bankrupt’s estate? It is always open to a trustee in bankruptcy ('trustee') to challenge any transactions or arrangements made prior to the making of the bankruptcy order, if the effect of those transactions was to dispose of assets which otherwise would have been comprised in the bankruptcy estate, or otherwise put those assets beyond the reach of the bankruptcy estate and the bankrupt’s creditors. Where a person has been made bankrupt, certain provisions of the Insolvency Act 1986 (IA 1986) become applicable and therefore certain transactions can be challenged (see

A trustee is generally prohibited from employing a law firm connected with themselves to act in relation to the trust without express authorisation in the trust instrument. This restriction arises from the fundamental principle that a trustee must not profit from their position or place themselves in a position where their personal interests conflict with their fiduciary

Restructuring & Insolvency analysis: Sleight v Crown Estate Commissioners considered whether a trustee in bankruptcy (trustee)—having disclaimed an asset—could apply for a vesting order where a sale of the asset had resulted in a surplus. James Malam, barrister at Exchange Chambers, who represented the applicant trustee, comments on the case.

When a bankruptcy order is made against an individual, all of his assets and interests as at that date comprise the bankruptcy estate (section 283 of the Insolvency Act 1986 (IA 1986)). This will include the bankrupt’s interest in any jointly-owned property. Once a trustee in bankruptcy (trustee) is appointed, the bankruptcy estate vests in him automatically without conveyance, transfer or assignment. For further reading, see: Definition of the bankruptcy estate and which assets vest in the trustee in bankruptcy—overview. Under IA 1986, s 305, the trustee’s function is to get in, realise and distribute the bankruptcy estate. Accordingly, that will include the bankrupt’s former interest in any jointly-owned property. Assuming that interest has a realisable value then, unless the trustee can realise it in another way (for example assigning it to the non-bankrupt co-owner), the trustee will usually have little option other than to apply