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The means by which land is owned in England and Wales.
An estate in the land is time in the land, or land for a time. A freehold estate entitles the owner to hold the land for all time. A leasehold estate entitles the owner to hold the land for the length of the lease. By s.1(1) of the Law of Property Act 1925, those are the only estates capable of existing at law. An estate may be owned by more than one person. At law, they may only be joint tenants and there may be no more than four. In equity, there may be more than four and they may be tenants in common.
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Rights of light—identifying provisions in leases—checklist This Checklist sets out which clauses in a lease and other relevant documents should be reviewed to determine whether a right of light exists. A right of light is an easement that entitles a landowner to receive natural light through an aperture in a building on its property. The owner of the land that is burdened by the right of light (the 'servient Building') cannot interfere with it without consent. On any proposed development it is therefore necessary to identify any neighbouring properties potentially enjoying a right of light (the 'dominant Building'). For further information regarding rights of light, see the following Practice Notes: • Establishing and maintaining rights of light • Rights of light—obstruction notices • Rights of light claims • Rights of light—insurance for developers Section 2 of the Prescription Act 1832 (PA 1832) requires actual enjoyment of light, which means that a right of light can be acquired for their own benefit and in their own right by those with a...
Probate claim procedure—table This table provides an outline of the procedure where there is a probate claim. For further guidance, see: Practice and procedure—contentious trusts and estates—overview and Probate actions (probate claims)—overview. Action CPR Issue of claim form If Claimant is a child or protected party follow CPR Part 21 in relation to appointment of litigation friend. CPR 21.1–CPR 21.6 Claimant prepares claim form (Form N2), with a copy for filing and further copies for service on each Defendant. CPR 7.2, CPR 57.3 Claim form must contain a statement of the nature of the interest of Claimant and of each Defendant in the estate of the deceased to which the claim relates. CPR 57.7(1) Particulars of claim may be contained in claim form (or served separately (see below)). CPR 7.4(1)(a) If the proposed claim is for revocation of grant: Every person who is entitled or claims to be entitled to administer the estate of the deceased under an unrevoked grant of probate of the Will or letters...
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Inheritance (Provision for Family and Dependants) Act 1975 applicant—flowchart This flowchart deals with the classes of applicants that may make a claim for reasonable provision from the deceased’s estate under the Inheritance (Provision for Family and
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Cross-border inheritance tax issues FORTHCOMING CHANGE: Abolition of non-dom regime and introduction of residence-based IHT regime. At Autumn Budget 2024 on 30 October 2024, the Labour government confirmed that it will proceed with plans of the former Conservative administration to abolish the remittance basis of taxation and replace it with a residence-based regime, to commence on 6 April 2025. The government also confirmed its intention to move to a residence-based regime for inheritance tax. The changes will also affect the rules determining excluded property status, the Abolition of protected settlements status of offshore trusts, and changes to overseas workday relief. For information on these changes, including draft legislation published with Autumn Budget 2024, see: Autumn Budget 2024—Private Client analysis — International, Autumn Budget 2024 (paras 2.56 and 5.51), OOTLAR (para 1.3) and TIIN: Reforming the taxation of non-UK domiciled individuals. This Practice Note covers UK inheritance tax (IHT) issues in cross-border situations and deals with: actual and deemed domicile; double tax treaties and ...
Hot Topics for Banking & Finance lawyers This Practice Note provides information on key new and upcoming legal developments, as well as topics currently of particular interest to Banking & Finance lawyers. New UK listing rules On 11 July 2024, the FCA published the new UK listing rules (UKLR). See News Analysis: FCA publishes final reforms to listing regime in new UK Listing Rules sourcebook. What do they do? The new rules significantly reform the UK listing regime and create a simplified and more competitive UK listing structure. A key change is the introduction of a single listing category for commercial companies (replacing the premium and standard listing categories) subject to a more disclosure-based regulatory regime. Among other things, the rules for the commercial companies category remove the need for votes on significant or related party transactions and offer variability around dual class share structures with enhanced voting rights. More emphasis on disclosure aims to bolster investor protections to hold the management of companies they co-own to account. The...
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Property indemnity clause for insertion into a share purchase agreement Indemnity clause
Property warranties and definitions to include in a short-form asset purchase agreement 1 Definitions In this Agreement, unless the context otherwise requires: Encumbrance means any mortgage, claim, charge (fixed or floating), pledge, lien, hypothecation, guarantee, right of set-off, trust, assignment, right of first refusal, right of pre-emption, option, restriction or other encumbrance or any legal or equitable third party right or interest including any security interest of any kind or any type of preferential arrangement (or any like agreement or arrangement creating any of the same or having similar effect) and Encumbrances means more than one of them; Freehold Properties ...
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What is the position of a security holder if the company that created the security is dissolved? This Q&A focuses on the impact the dissolution of a security provider can have on the ability of a security holder to effectively enforce its security. It also considers the position of a receiver appointed by the security holder prior to the dissolution of the relevant company. Summary If a security provider is dissolved as a matter of English law it is normally still possible for the security holder to enforce the security it holds by exercising the mortgagee’s power of sale. There may be circumstances in any particular case that make an application to restore the dissolved company to the register desirable to protect the security holder’s position. Circumstances where this issue commonly arises The problems associated with a security provider being dissolved while security is in force occur most often in real estate finance and other asset finance transactions. Typically, these issues arise where a special purpose...
How might the European Commission proposal for new conflict of law rules for assigned claims impact the secondary loan market? Summary This Q&A refers to the European Commission’s proposal for a Regulation on the law applicable to the third-party effects of assignments (the Proposal) published on 12th March 2018, which could have an impact on the market for trading participations in syndicated and bilateral loans. Both of the Loan Market Association (LMA) and the City of London Law Society made representations asking for the Proposal to be shelved or at least amended to accommodate current market practice in the secondary loan market. Their representations are available on their respective websites. It is fair to say that in its original form the Proposal would have disrupted the secondary loan market by making due diligence on the part of a buyer much more complicated for the reasons given below. The UK indicated on 9 July 2018, shortly after publication of this Q&A, that it would not opt in...
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This week's edition of Tax weekly highlights includes: (1) HMRC’s confirmation that it will amend its guidance on the application of condition C of the LLP salaried member rules, (2) the Court of Appeal’s decision in A Taxpayer v HMRC as to exceptional circumstances under the statutory residence test and (3) confirmation that Finance Bill is due to have its Report Stage and Third Reading on Monday 3 March 2025.
This week's edition of Banking and Finance weekly highlights includes: (1) ESMA publishes final report on EU Green Bond RTS and ITS; (2) UK to transition to T+1 settlement cycle by 2027; and (3) ESMA launches consultation on revised disclosure requirements for private securitisations.
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