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The holder of a beneficial interest is entitled to enjoy the use of the property in issue although not necessarily being the legal owner of the property.
Once a beneficial interest is established, it would entitle a party to long-term rights in respect of the property notwithstanding that party not being a party to a marriage/civil partnership or being a joint/sole owner of the property.
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Where two or more people together own real property, they hold it under a trust of land. Where property is held on a trust of land, the legal estate and equitable estate are separate. The legal estate must be held by the co-owners as joint tenants. The beneficial interest in the property can, however, be held by the co-owners either as:•joint tenants, or•tenants in commonIf the co-owners are joint tenants, each has an indivisible share in the property, where each owns the whole, rather than an identifiable share of the property. The right of survivorship applies so on the death of one joint tenant, the deceased's interest in the property passes automatically to the other(s).Where the beneficial interest is held as tenants in common, interests can be unequal, and the share of one does not pass to the survivor but is part of the deceased's estate.A tenancy in common may arise on the original transfer or conveyance where there is an express declaration of trust, or where an existing joint...
Comparing UK and US secondary debt trading markets, with particular reference to the LMA v LSTA recommended terms for secondary trading The UK and US secondary (private) debt trading markets are very similar when transacted on the suite of documents issued by the Loan Market Association (LMA) in the UK and by the Loan Syndications and Trading Association (LSTA) in the US. For more information on the documentation, terms and mechanics for LMA secondary debt trades, see Practice Notes: • Overview of the key documentation in a typical secondary debt trade • Secondary debt trading—timeline of a typical trade • Secondary debt trading—completing the trade confirmation, and • Key provisions in the LMA standard terms and conditions for secondary debt trading Historically, there has been a great deal of convergence between the two debt-trading regimes and conventions so that in most salient respects they are substantially similar. Nonetheless, the two-debt trading regimes and conventions contain some material differences as noted below. Governing law and legal...
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Draft order for a worldwide freezing injunction (WFO)—Chancery Division Claim No. [insert claim number] IN THE HIGH COURT OF JUSTICE [BUSINESS AND PROPERTY COURTS [OF ENGLAND AND WALES OR IN [insert location]] ] [Specify specialist court] (ChD) before [The Honourable Mr Justice OR The Honourable Mrs Justice] [insert name of judge] [(sitting in private)] Dated: [insert date of order] between: [insert name(s) of Applicant(s)] Applicant(s) — and — [insert name(s) of Respondent(s)] Respondent(s) [The Claimant and Defendant in an Intended Action] _______________________________________ draft FREEZING order _______________________________________ PENAL NOTICE If you [insert name of respondent] disobey this order you may be held to be in contempt of court and may be imprisoned, fined or have your assets seized. Any other person who knows of this order and does anything which helps or permits the Respondent to breach the terms of this order may also be held to be in contempt of court and may be imprisoned, fined or have their assets seized....
Simple Quistclose Trust This [Deed OR Agreement] dated [•] 20[•] is made Parties 1 [insert name], a company incorporated in England and Wales with registered number [insert company number] whose registered office is at [insert address] (the [ Settlor OR Lender]); and 2 [insert name] of [insert address] (the [Trustee OR Borrower]). Background 1 Definitions and interpretation 1.1 Definitions In this [Deed OR Agreement], unless otherwise provided: 1.1.1 The Trust Fund means the sum of [•] paid by the Settlor to the Trustee by [cheque OR bankers draft OR transfer etc] and held by the Trustee at [•] Bank plc in account number [•] 1.1.2 The Specified Purpose means [•] 1.2 Interpretation 1.2.1 In this [Deed OR Agreement], unless the context otherwise requires: (a) words in the singular include the plural and vice versa; (b) including means including without limitation; (c) where an act is required to be performed promptly, it must be performed as soon as reasonably possible from...
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If an individual dies intestate leaving several minor children with different (surviving) co-parents and two of those surviving parents take out the grant of letters of administration for the use and benefit of their respective minor children, how would the grant be expressed and would the administrators have authority to deal with the whole estate? We refer you to Practice Note: Intestacy—priority to apply for grant—Q&As (at 'Particular relatives and entitlement to grant on intestacy', 'Minor children only'). Where a person to whom a grant would otherwise be made is a minor (eg where the deceased was survived by minor children but not a spouse or civil partner), the Non-Contentious Probate Rules 1987 (NCPR 1987), SI 1987/2024, r 32 sets out that a grant of administration for the minor’s use and benefit, limited until they attain the age of 18 years, shall be granted to a parent of the minor or other person who has parental responsibility. Commentary: Grants for the use and benefit of minors: Tolley’s Administration of Estates...
If a beneficial joint tenancy is severed, is it possible to establish an unequal division of the beneficial interest either at the time of severance or over the course of subsequent dealings? Severance is the mechanism by which the beneficial ownership of property is divided into shares. An express declaration of a beneficial joint tenancy results in the joint tenants being given equal shares if the joint tenancy is severed (see Goodman v Gallant and Fantini v Scrutton. Where the property was transferred to joint owners without any express declaration of trust, there is a presumption that a beneficial joint tenancy was intended and that on severance each joint
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This week’s edition of Family weekly highlights includes details of the Domestic Abuse Commissioner’s report on babies, children and young people’s experiences of domestic abuse and a speech by the President of the Family Division for the Katherine Gieve Memorial Lecture. The Court of Appeal’s clarification of the approach to the test for the appointment of intermediaries is analysed. Recent judgments, including the Supreme Court's decision on gender recognition and the Equality Act 2010, together with consideration of expert fees in public law children cases, are also set out. A new Practice Note containing links to flowcharts in Lexis+® UK covering a wide range of family law issues is also set out, together with a new template order approving instruction of an expert whose hours or rates exceed Legal Aid Agency limits in public children cases.
This week's edition of Property weekly highlights includes: cases on relief from forfeiture granted to residential sub-tenants of a mixed-use building and stamp duty land tax, new versions of the MCL leases, an update from HM Land Registry on its registration service and a Property and Related Services Threat Assessment Report on financial sanctions.
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