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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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Checklist for compromises of FCA-regulated entities: information requirements Where a scheme of arrangement, restructuring plan, company voluntary arrangement or individual arrangement is proposed over a regulated firm (defined below), the Financial Conduct Authority (FCA) will need to be involved from an early stage. The FCA is the conduct regulator for financial services firms and financial markets in the UK. It has a duty under section 1B of the Financial Services and Markets Act 2000 (FSMA 2000) to pursue certain objectives, one of which is the consumer protection objective. The FCA lists its statutory objectives as to secure an appropriate degree of protection for consumers and to protect and enhance the integrity of UK financial markets, with a view to reducing the number of proposed compromises (through a scheme of arrangement, restructuring plan, company voluntary arrangement or individual arrangement) that they do not consider to be appropriate (see FG22/4, para 1.2). On 5 July 2022, the FCA published guidance on compromises of regulated firms (see FCA Guidance FG22/4 July 2022 and...
Enforcement receivers in confiscation—checklist Appointment of Receivers The Crown Court may appoint a receiver in respect of realisable property of a defendant who is subject to a confiscation order on the application of the prosecutor if a confiscation order is not satisfied and is not subject to appeal.  The receiver may be given the following powers in relation to the realisable property: • power to take possession of the property • power to manage or otherwise deal with the property, subject to hearing representations from those holding it • power to realise the property, in such a manner as the court may specify, subject to hearing representations from those holding it • power to start, carry on or defend any legal proceedings in respect of the property Where the defendant’s realisable interest in the property is disputed It is not necessary for the property to be the proven realisable property of the defendant (see eg Re Smith). Where there is a contested claim as to who holds...
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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...
Powers of attorney in commercial transactions Commercial lawyers will regularly come across situations where third parties are executing documents as an attorney on behalf of another person and may be required to put in place a power of attorney to cover the absence of an authorised signatory or to facilitate the contracting process by delegating authority to enter into contracts to managers or authorised agents. This Practice Note provides practical guidance on how to grant powers of attorney, the different types of power of attorney that can be granted, and when they are likely to be used in commercial transactions. We have produced a collection that is a comprehensive, interactive resource to help users identify and work through the concepts and common issues when executing documents. Each section or phase includes practical guidance, precedent clauses and Q&As relevant to that section. For more information, see: Execution collection. This Practice Note provides information and guidance in connection with the following: • characteristics of a power of attorney • who can...
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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....
Letter of claim—family provision claim Dear [insert organisation name] [PROSPECTIVE CLAIMANT’S NAME] AND [PROSPECTIVE DEFENDANT(S) NAME(S)] The estate of [name] deceased LETTER OF CLAIM— Potential claim under the Inheritance (Provision for Family and Dependants) Act 1975 We are instructed to act for [name of applicant] in [his OR her] claim under the Inheritance (Provision for Family and Dependants) Act 1975 (I(PFD)A 1975). As you may be aware [name of applicant] was [describe relationship with the deceased] and we understand that [name of deceased] died on [date] (the deceased). We understand that the deceased died [testate leaving a Will dated [date][ and codicil dated [date]] OR intestate and [his OR her] beneficiaries on intestacy are [names]]. [We have applied for a standing search but would be grateful if you would inform us immediately if you are instructed to obtain the grant of representation and send us an official copy when it is available.] Entitlement to the estate [We have been supplied with a...
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Can a cohabitant who is claiming an interest in a property by virtue of a promissory estoppel or constructive trust apply under section 36 of the Family Law Act 1996 for an order to prevent them being evicted from a property that they have lived in for 14 years? The cohabitee has served notice to quit. What is the relevant case law on this? Section 36 of the Family Law Act 1996 (FLA 1996) extends the scope of occupation orders to a cohabitant or former cohabitant who does not have an existing right to occupy the property in question. Where the applicant is in occupation, the court can make an order requiring them not to be evicted from the property. Unlike other forms of occupation order, an order under FLA 1996, s 36 may be made only for a period of six months, with the prospect of an extension for a further six-month period but no longer (FLA 1996, s 36(10)). It is often the case that upon the breakdown...
The former matrimonial home is registered in one spouse’s sole name, and a mortgage secured against it to enable that spouse to purchase a second property in their sole name which was subsequently transferred into the joint names of that spouse and their new partner. The non-owning spouse has registered a homes right notice against the matrimonial home, what steps can they take to protect their interest in the second property which forms part of the matrimonial assets? The appropriate course of action will be dependent on the exact circumstances of the case. Potential options are detailed below. Home rights Section 30 of the Family Law Act 1996 (FLA 1996) provides that where one spouse or civil partner is entitled to occupy a dwelling house by virtue of either a beneficial interest or a statutory enactment and the other spouse or civil partner is not so entitled, certain rights, known as ‘home rights’, will accrue to the latter. Home rights have the status of an equitable charge and...
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This Q&A considers whether a life tenant can assign or otherwise transfer their life interest to the remainder beneficiaries.
This week's edition of Property Disputes weekly highlights includes an analysis of a case where the Technology and Construction Court clarified the limits of recoverable loss claims for damages under the Defective Premises Act 1972, an Upper Tribunal decision overturning a remediation order citing procedural irregularities, a Court of Appeal decision on whether secured debts incurred prior to a debt moratorium are excluded, and a High Court decision dismissing a beneficial interest claim in a civil recording and possession claim under the Proceeds of Crime Act 2002.
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