If the Land Registry has not updated, it will be held in trust by the executors. The combination of the will and the Land Registry entry should be all that is necessary.
Note, that they should be paying the ground rent and service charges. Once they have probate, they no longer have any excuse for not doing so.
-
Is there any way to find out if this is the case (held in trust by the nephews)?
Assuming this is the case I can't imagine they are particularly incentivised to get this sorted, they had their part of the inheritance 2 years ago.Leave a comment:
-
Yes agree with leaseholder, still held by the executors pending an agreement by all beneficiaries to sell and monies distributed equally. Getting 17 organisations to agree is going to take a while . . .Leave a comment:
-
Sounds like the executors have made a mess of this.
I would have thought the share of the freehold and the share of the lease are still held in trust by the executors.Leave a comment:
-
Absent freehold beneficiaries?
Hi guys, new poster here so forgive me if I get my terms mixed up!
I have just made an offer on a ground floor flat in a block of 3. A,B and C. Sold as Share of Freehold, no company. We'll call this flat A.
The owner of flat B died in 2015. The "residue" of her estate including flat B was left to 17 different charities in equal shares. According to the appointed solicitors this was wrapped up in 2017.
As of today the flat is empty, leaking and obviously not paying anything towards the (minimal) upkeep of the block.
Am I correct in thinking it's likely the Freehold is now owned by the owners of flats A + C? with the charities maintaining some sort of beneficial interest?
In practise is this going to be a problem?
The title still lists the deceased so it appears that none of the charities have taken the lead in regards to taking ownership, selling the property and distributing funds. As I understand a trust would need to be set up. Is this correct? Is there any way to find out if this has been done already?
Thanks in advance
Matt
-
Yes exactly. Just trying to piece together all the potential downsides so I can weigh up if it's worth doing or not.
If I go ahead, will need to make sure I'm on my best behaviour during my marriage.gif "(sweat)")
...
21-01-2021, 08:03 AM -
I own a property in sole name and mortgaged.
I'm looking to transfer the beneficial interest to my wife via a Declaration of Trust as she doesn't work to utilise her tax allowances.
I've asked several solicitors if they need to request permission from the lender and they've...18-01-2021, 22:02 PM -
A neighbour (of a relative) is planning on doing works to their house this summer.
Detached houses.
I had a look on the council website and can the existing and proposed plans.
Its a simple extension at ground floor level only - to replace an old glass conservatory and patio with bricks...21-01-2021, 00:22 AM -
Reply to Party Wall query1. Depends on the distance the houses are away from each other and the depth of the foundations - the rules lay this out very precisely
2. Yes if the rules apply
3. Only if the 3 parties agree but if one neighbour wants their own separate surveyor then the other surveyor has...21-01-2021, 07:44 AM -
Well, whenever you give away property there is always a potential downside in that there may come a point when you wish you had it. It can be tempting to give away property to save tax but you should not let the tax tail wag the everything else dog.20-01-2021, 23:29 PM
-
Thank you Lawcruncher for giving your thoughts.
So if I understand you correctly, you deem the mortgage lender to be less of a concern, but more my own risk if let's say mine and my wife's relationship broke down and threatened my ability to repay my mortgage, whether that be via divorce...20-01-2021, 20:55 PM -
Lenders may forbid it, but they cannot prevent it.
It is a basic principle of the law that property is freely alienable. On the whole the law does not allow restraints on alienation. There are exceptions, but forbidding the creation of beneficial interests cannot be one of them because,...20-01-2021, 17:45 PM -
Mortgage lenders choose not to be inconvenienced and forbid the transfer of beneficial interest in their terms.
They are now (since 2008/9) required to be seen to be actively monitoring the portfolio of assets that they have loans secured against (having failed to do that pretty spectacularly...20-01-2021, 15:48 PM -
See above.
What is available is what is generally referred to as the equity of redemption which is a right in land which can be transferred like many other rights in land. The fact that the value of the right may be nil or negative does not alter the position since...20-01-2021, 14:23 PM -
Very broadly...
The mortgagee retains his security in a very wide sense. If he did not the security would be undermined and the law does not allow that. There are two main elements to a mortgage. One is the security of the charge on the property and the other is the covenant to repay the...20-01-2021, 13:54 PM
Leave a comment: