Establishing a common intention constructive trust when property ownership is in one occupant’s name and not the other can be tricky. Melody Munro gives an update Once a common intention is established, the court is adopting a fairly expansive view as to how a claimant may act to their detriment. Although claimants, defendants and common …
Continue reading "Beneficial ownership: Opening the door"
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Wills & Trusts Law Reports | Web OnlyA house was purchased in the joint names of the defendant and his son, the claimant. At least part of the reason for the claimant’s inclusion was that it allowed the defendant to benefit from a mortgage needed to finance the purchase. The TR1 bore an ‘X’ in Box 11 which appeared next to the words ‘the transferees are to hold the property on trust for themselves as tenants in common in equal shares’. The claimant sought a declaration that the property was held as described by Box 11 and an order for sale. The defendant maintained in a number of witness statements that the ticking of Box 1...
Context is everything when defining the common intention constructive trust. Aidan Casey QC and Tom Poole discuss recent case law Marr has changed the way courts should approach disputes about the beneficial ownership of family-owned investment property portfolios. It has been recognised since the decisions of the House of Lords in Pettitt v Pettitt [1970] …
Continue reading "Beneficial ownership: Marring the deal"
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Peter Shaw QC explores the principles of ascertainment of beneficial ownership in a property purchase tainted with illegality ‘Having found that Mr and Mrs Kliers were the true beneficial owners, it would perpetuate the fraud to leave the property in Mr Schmerler’s ownership (without making a declaration of beneficial ownership). The illegal activities were required …
Continue reading "Beneficial ownership: Honesty is the best policy"
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Overseas entities must register beneficial ownership in order to own or sell UK real estate, according to a new draft Bill published by the Department of Business, Energy and Industrial Strategy, as Richard Clark finds out ‘Buyers, tenants and lenders will be reluctant to transact with any overseas entity other than a registered overseas entity …
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James Brown and Mark Pawlowski consider the possibility of disclosing beneficial interests on the land register ‘The proposal to introduce a register of beneficial interests would need to coincide with a related amendment to the Land Registration Act 2002.’ Property lawyers will be familiar with the so-called ‘curtain principle’ under which beneficial interests are kept …
Continue reading "Beneficial Ownership: Behind the veil"
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Jonathan Shankland and Claudia Whibley set out the detail of proposed EU public beneficial ownership register ‘Going forward it will be important to be educated on the changes that the 4th EU Anti-Money Laundering Directive will bring, especially considering that law firms are considered to be high-risk targets for money launderers and therefore can expect …
Continue reading "Beneficial Ownership: A step too far"
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Laura Williamson highlights the pros and cons of the proposed register for foreign property-owning companies ‘The rationale given for focusing on real estate ownership is the frequent and sophisticated use of this asset class by criminals to hide the proceeds of crime.’ Disclosure of beneficial ownership for foreign companies that own property in England and …
Continue reading "Beneficial Ownership: Transparency v privacy"
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