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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

Abbreviations and terms used:

In this guide:
'LPA 1925 means the Law of Property Act 1925
'LRA 1925' means the Land Registration Act 1925 as amended;
'LRR 1925' means the Land Registration Rules 1925;
'LRA 2002' means the Land Registration Act 2002;
'LRR 2003' means the Land Registration Rules 2003;
'LRAAO 2008' means the Land Registration Act 2002 (Amendment) Order 2008;
'TLATA' means the Trusts of Land and Appointment of Trustees Act 1996;
'Trustee Act' means the Trustee Act 1925;
'Conveyancer' means a Solicitors, a licensed Conveyancer within the meaning of section 11(2) Administration of Justice Act 1985, a Fellow of the Institute of Legal Executives, a Barrister, a duly certificated notary public, or a registered European Lawyer (as defined) (rule 217(1) Land Registration Rules 2003). Where appropriate they include in-house Conveyancers as well as those in private practice;
'Prescribed Clauses Lease' means any Lease that is required by rule 58A Land Registration Rules 2003 to contain the prescribed clauses set out in schedule 1A Land Registration Rules 2003;
'Private Trust' means a trust to which the normal perpetuity rules apply (that is one which is not for charitable, ecclesiastical or public purposes);
'Registered Estate' has the same meaning as in the Land Registration Act, namely a Legal Estate, the title to which is entered in the register of title, other than a registered charge (Mortgage);
'Registrable Disposition' means a disposition which must be completed by registration, under rule 27 Land Registration Act 2002;
'Standard form of restriction' means one of the forms lettered A to LL set out in schedule 4 Land Registration Rules 2003.

In this guide the word 'Land' is used in the sense given it by the Law of Property Act 1925, the Trustee Act and the Trusts of Land and Appointment of Trusts Act 1996, so that it includes incorporeal hereditaments such as manors, rentcharges, franchises and profits a prendre.  (section 205(1)(ix) LPA 1925; section 68(1)(6) Trustee Act; section 23(2) TLATA. Compare the narrower definition in section 132(1) LRA 2002).  An exception to this phrase 'estate in land' where it has a narrower meaning which excludes incorporeal hereditaments. (ss2(a) and 132(1) LRA 2002 and compare ss1(1) and 1(2)(a) LPA 1925). The distinction is considered in the section - when must trustees apply for a Form A restriction?

This guide considers Land Registration aspects of transactions involving trusts of Land.

A trust of land is any trust of Property that consists of, or includes Land, with two exceptions. The exceptions are Land / Property that is settled Land / Property (as defined in the Settled Land Act 1925) and Land / Property to which the University and College Estates Act 1925 applies. (see section 1 Trusts of Land and Appointment of Trustees Act 1996).

This guide considers only private trusts of Land / Property.  It does not consider trusts for public, ecclesiastical or charitable purposes, with settled Land / Property or with Land / Property to which the Universities and College Estates Act 1925 applies.

From 6 April 2009 the appointment of new trustee and the partitioning of Land / Property held in trust among the beneficiaries are triggers for compulsory first registration.


The nature of a trust of Land / Property:

The essence of a trust of Land is that the formal title to the Land (the 'Legal Estate') is separated from the underlying ownership (the 'Equitable Interest' or 'Beneficial Interest').

A private trust of Land / Property can arise in several ways.
- It may be expressly created in writing;
- It may be a bare trust where the trustee is merely a nominee for a beneficiary of full age;
- It may arise by operation of Law either:
* as an implied, resulting or constructive trust, for example where the proprietor has acquired the Land / Property using funds provided by another, or
* as a Statutory Trust. Examples are those imposed when two or more persons own Land / Property jointly or on  intestacy.

Historically, two or more persons owning Land / Property jointly could do so either as Joint Tenants or Tenants in Common. Joint Tenants do not have specific shares in the Land / Property and have a right of survivorship. On the death of one joint tenant, their interest in the Land / Property passes automatically to the others. Tenants in common, however, had specific shares known as undivided shares, which could be transferred separately, and were inherited as part of their estate on their death.  

(All italics in this page are Crown Copyright and reproduced here for your information with permission from HM Land Registry)

. . continued on page 2 (Property Lawyers and Conveyancing Solicitors in Manchester - Transfer, Equity and Trusts of Land page 2)

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