i. Explain how the estate would evolve into both a legal and a fair title. ii. Advise Calum and Danum on whether to allow Badum to move back into the property. iii. inform Calum and Danum if their ownership of the property is threatened or if another interested party could force the sale. James – if both registered owners are deceased, the legal estate is usually part of the estate of the last deceased. Probate is then required and the appointed executor then takes care of the legal succession according to the wishes of the deceased, which may also include the estate of the other owner if necessary Kwame – not something we would know or record I am so worried that I can get legal advice on what the trust deed says and on the legal meaning/implications that it has an ownership interest (IP), Also called ownership interest in a property, is an important concept for investors to understand. You need to know the different types of IP and what each means. In this article, we cover: Knight – you really need to get legal/financial advice as we can`t offer either. The terms you are referring to apply not only to a spouse, but because it is the most common scenario so often mentioned.

You may be wondering how someone could know whether or not a rightful owner holds property in trust. Under the Land Registry Act 2002, a restriction may be entered in the Land or Land Register by any person having a sufficient interest in doing so. In addition to generally protecting the interests of the beneficiaries of the property, restrictions may also control or limit the powers of trustees in dealing with the property or land. Hello, I got the family home at my last divorce hearing in 2014, and it was transferred to my name only, with my ex-husband transferring “all legal and economic interests” to me and neither of us having a “legal or just interest in each other`s property or assets.” However, this was done on the condition that a 10% tax be levied on the property, which only became enforceable if I died, remarried or sold the house. Sadly, my ex-husband recently passed away and my son will apply for probate proceedings on his behalf and on behalf of his three siblings. Is that 10% now part of my ex-husband`s estate, or since I still live in the family home and have not remarried, etc., can they just be exempt from the land registry since the children inherit all of my property if I die anyway? However, the parents do not want to be rightful owners because the mortgage company would require them to enter into the loan agreement. You may not want to be jointly and severally liable for paying repayments, or the mortgage may affect your creditworthiness in some way. Perfect ownership or title is a right of ownership of a property through a deed without defects or privileges.

Other names for a sophisticated ownership interest are clear, free or good titles. The perfect property makes it easy to transfer or sell a property smoothly. There are circumstances in which the rightful owner is not necessarily the beneficial owner of the securities. For example, section 101(1) of the Companies Act, 2016[1] (“CA 2016”) provides that the name of a person registered as a shareholder in the register of members constitutes prima facie evidence that that person`s title to ownership. The legal owners of a property are registered in the Land Registry and can be searched on the Land Registry website. The tenants determine by mutual agreement the interest of each beneficial owner, either in all the benefits or in the individual benefits. Gianni wrote in 2008 that in jurisdictions that allow it, beneficial owners can create shell companies to be the rightful owners of their ships,[11]:20 making it difficult, if not impossible, to know who the beneficial owner of the ship is. One solution is for parents to enter into an agreement with the children to become beneficial owners.

The parents are not listed in the title deeds and, therefore, the mortgage company is not aware of the agreement. However, parents get security, for example, by getting their loan repaid when selling the house. Although such person is considered the rightful owner of the Shares pursuant to Section 8(9)(a) of the CA 2019[2], such person will not be deemed to be the beneficial owner of the Shares if he or she holds the Shares as trustee. 1 Section 101(1) of the CA2016 “In the absence of evidence to the contrary, the entry of a person`s name in the register of members as a shareholder constitutes prima facie evidence that that person`s title is transferred” Can you please recommend to Sir Hedworth Williamson to donate land to the people of Sunderland for recreational purposes? The council transferred the titles to the University of Sunderland, which is now selling the land to Miller Homes for millions of dollars to build houses. The fields are used daily by visitors and residents. Is it legal? If there is a fair joint tenancy, the economic interest of a roommate (landlord) passes to the tenant surviving at death. The last survivor will then hold the land as the sole legal owner and beneficiary, terminating the trust. If the property is sold, then that person is entitled to the full purchase price. Sharon – understood. The title we register should involve both co-owners in the event of a sale. The legal title cannot be divided.

The ICT aspect refers to their beneficial ownership, which can be divided Could you comment on whether the land registry insists that economic interests be registered against a property or whether this is not necessary in all cases? The property is jointly owned by my wife and I and our limited liability company will have an economic interest in the property as the house is now a holiday rental and is part of the sale of the company.