Manchester Conveyancing Solicitors | Ford Banks Irwin Solicitors - The Property Lawyers in Manchester on Transfer, Equity and Trusts of Land
Please note: Not to be used or relied upon without legal advice. These notes are for illustrative purposes ONLY.
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Private Trusts of Land / Property
Severance of an Equity Joint Tenancy:
If an equitable joint tenancy has been severed, a proprietor must instruct Conveyancing Solicitors and Property Lawyers to apply in form RX1 for a form A restriction. for straightforward cases of severance by agreement or notice it is simpler to use form SEV.
Where the application is made by, or with the consent of, all the proprietors, no difficulty arises. Where possible Conveyancing Solicitors and Property Lawyers should try to obtain the consent of all proprietors.
However, in many cases the joint tenancy is severed by notice as a unilateral act of one of the proprietors, who will make the application alone, without the consent of the other(s). In these circumstances, Land Registry will treat it as made under section 43(1)(c) Land Registration Act 2002. Panel 12 or 13 of form RX1 should be completed with details of the severance, and it should be accompanied by either:
- a certified copy of the notice of severance, signed by the other proprietor(s) to acknowledge receipt, or
- a certificate signed by the applicant or their Conveyancing Solicitors and Property Lawyers that notice to sever the joint tenancy was given to the other proprietor(s) in accordance with the proviso to section 36(2) Law of Property Act 1925.
The application will be one that the applicant is obliged to make under rule 94, Land Registration Rules 2003. Accordingly, it will not be notifiable within the meaning of section 45 Land Registration Act 2002. If it is in order, Land Registry will complete it without sending the other proprietors a notice giving them the opportunity to object. Land Registry will, however, send them a notification when the application has been completed, telling them of the change to the register (Property Title Deeds). A proprietor who considers that no valid severance has taken place, and the register (Property Title Deeds) is therefore incorrect, will be entitled to apply for the register to be altered to correct the mistake.
Transfer of a share:
A disposition that relates only to a beneficial interest, and does not alter the proprietors of the legal estate, cannot be registered. Frequently, however, the proprietors of the legal estate will be changed at the same time.
A common example is where one of two joint proprietors purchases the share of the other. Strictly, this can be regarded as comprising two transactions. In the first, proprietor A sells their beneficial interest to proprietor B. In the second, A and B, as trustees of the legal estate, transfer the legal estate to B, who has now become solely and beneficially entitled to it. Conveyancing Solicitors and Property Lawyers may do this by separate instruments, and only the latter will need to be registered.
However, it will usually be simpler to use a single document for both aspects of the transaction. Conveyancing Solicitors and Property Lawyers should use a form TR1 (or TR5 or TP1, if appropriate). Both A and B must be shown as transferors, and B as transferee, because it is the transfer of the legal estate that has to be registered. In the consideration panel, Conveyancing Solicitors and Property Lawyers can use the second option to insert a suitable receipt, for example:
'The second transferor has received from the transferee for their half share in the property the sum of £x'
On the accompanying form AP1, Conveyancing Solicitors and Property Lawyers should describe the transaction as 'Transfer of Share'.
If there is a form A restriction on the register (Property Title Deeds), and it is no longer required, inform the Land Registry by applying to cancel it using form RX3. It will not be cancelled automatically.
Trust Corporations:
When a trust corporation applies to be registered as sole proprietor of an estate, which it holds on trust, it must apply for a form A restriction. Although it will be able to give a valid receipt for capital money arising on a disposition, the restriction is needed in case the proprietor ceases to be a trust corporation at any time, or is replaced by another trustee.
Where a trust corporation, registered as a sole proprietor with a form A restriction, enters into a disposition under which capital money arises, it may need to satisfy the Registrar that it is a trust corporation. In such a case, a letter from its Conveyancer confirming that it is a trust corporation should accompany the application.
(All italics in this page are Crown Copyright and reproduced here for your information with permission from HM Land Registry)
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