My mother is not working at the moment and wants to own my existing property. I want her to manage the property and keep the rent to herself. However, I would like to remain the rightful owner of the property. They mention that when a person dies from two rightful owners, the remaining person alone holds the legal estate. What happens if that person dies? The co-owners still hold the assets registered in trust. A land trust is the relationship between the rightful owner(s) and the economic interest of the land. You can hold it either in trust for yourself or in trust for a third party. Clare S – we register the legal property so that nothing changes until there is a transfer of this property. In your scenario, this would be a TR1 form from the 4 to the new legal owners. The registry is not the last record of how you own the condominium, as explained in our online guide www.gov.uk/joint-property-ownership.
Notifying the other 3 rightful owners of your sale request would not, to my knowledge, change the way the condominium was held. Amy – we mainly deal with legal property and not useful property, so the advice we can give is quite limited. But the interest of the beneficiaries will be in the proceeds of the sale, so I do not see how it would remain in the country if the legal ownership has changed. If the seller does not play the game, this is advice or a legal measure that you must take into account, for example, if the shares of a mutual fund are held by a custodian bank or if securities are held by a broker in street names, the true owner is the beneficial owner, although the bank or broker holds the title for security or convenience reasons. Parties who hold land in trust for themselves can do so in two ways – either as equity roommates or as roommates. Keep in mind that this always refers only to the economic interest. The obligation to request the necessary restrictions rests with the trustees, although a beneficiary may also apply for them under the trust. There is a circumstance in which the Registrar is required to enter a restriction without application. This is the case when two or more persons are registered as co-owners of a registered estate and there is no evidence that they hold it in trust for themselves as beneficiary co-tenants. The Securities and Exchange Commission (SEC) recognizes this and has regulated this practice. In private companies, a beneficial owner may not want their name to be known as a registered shareholder for a number of reasons. As long as tax and other laws are respected, this practice is not illegal in itself.
Tenants determine by mutual agreement the interests of each beneficial owner, either in all benefits or in individual benefits. In the case of a small child whose parents have died, the child cannot take full legal ownership of the land until the age of 18. If the parents have left the family home to the child, a trustee (or trustee) is appointed to take care of the property until the child is 18 years old. The trustee (or trustees) are the rightful owner(s), while the child is the beneficial owner with the right to enjoy the property or, if leased, the right to income received. My neighbors own their mortgage-free property as roommates (they both have adult children from their respective first marriages) The husband died a few years ago, which means that the legal estate was then transferred exclusively to the wife. The husband`s children said it would be a good idea to transfer the legal estate to the surviving wife and the names of her children (although they have the restriction of Form A, which already protects their interests). The woman now fears that the children will receive an order for sale, as they say it was her father`s wish that they have their fair share of 50% and that they don`t want to wait. My question is: If my neighbour had not transferred the transfer to her and the children and the legal estate had remained in her sole name, could they force her to sell her property in this example? I think she was ill-advised to transfer the legal succession in the first place. Thank you very much.
A rightful owner is essentially the “official” or “formal” owner of a property, while a beneficial owner is the person who has the right to enjoy or benefit from it – this may include the right to occupy or enjoy the income from the property. I lent money to a company with certainty, but the security cited was much exaggerated. Now the company, insolvent of course, wants to transfer its remaining value assets (a right of way) There is a value that is declared in a TP1 Section 9 of nothing. But the right of way is potentially very valuable. Is there any case law on the accuracy of the figure in section 9 – if we are entitled to rely on the conclusiveness of the HRA? As is well known, the International Consortium of Investigative Journalists published what it called the “Panama Papers” in early 2016. These documents, taken from the archives of the law firm Mossack Fonseca & Co., show in detail the beneficial ownership of several thousand offshore companies. This can lead to tax efficiency gains because income taxation is based on beneficial ownership rather than legal ownership. By transferring beneficial ownership to the partner who falls below the lower tax threshold, a larger share of rental income can be attributed to that partner and the overall tax can be minimized. For more information, see Buy for tax implications.
I have a property to which a third party (a company) is limited – that I pay 5% of the net sale price to the third party when selling. The third party has a reasonable interest of 5%. I am trying to get a loan to extend the lease, but the third party claims that I must agree to pay a loan fee before approval can be given. I have reviewed the fiduciary deed and there is no mention of the payment of a royalty before consent to the renewal of the lease can be given. Joanne – this is something on which you can get legal advice, because you clearly understand the nuances between legal ownership and beneficial ownership and it is quite possible that, for these reasons, that the registry refers to X or X, Y and Z, does not affect their ability to force a sale. I suspect that a court would consider their interests based on the will and factual circumstances, as a forced sale is often the last resort, but it is more of a legal issue than a registration issue. If you`re looking for a broader comment/advice, online forums like Money Saving Expert can be useful resources, but it`s still specific legal advice you should look for for two or more people who can buy real estate together. If they do, the standard ownership position is that as roommates, they are legal co-owners, both equally entitled to the entire property. You can choose to own the property as a roommate, with each owning a certain share. Will the land registry inform me if a former partner asks to create an interest in the property that is in my unique name? Can this be done without informing me beforehand? What if this has already happened without my knowledge? I`ve read things like economic interest and the declaration of confidence, but all the examples I`ve found have used those terms when you give your spouse an economic interest.