Land registry entry after 'Tenant in common' passes away

cymruchris

If a house was owned between two partners as 'Tenant in common' (i.e. 50 percent each) - and that in partner 1's will, it was stated that their 50 percent share would go half to child A and half to child B - with of course the other partner living in the house until they themselves pass away - would an entry be made on the title deeds at the land registry something along the lines of child A and child B (named of course) had a charge against the property of 25 percent each if that first partner passed away? Or would no such amendment be normally made?

xylophone

'Tenant in common' (i.e. 50 percent each) - and that in partner 1's will, it was stated that their 50 percent share would go half to child A and half to child B - with of course the other partner living in the house until they themselves pass away - 

The ultimate beneficiaries are the Trustees of the IIP Trust?

The will also states what is to happen should the survivor wish eg to downsize?

For example, that with the permission of the Trustees, he may sell and if there is an excess of capital after the new  property is bought, be entitled to the interest on the excess capital which after his death would pass to to the beneficiaries?


https://www.land-registry-documents.co.uk/information/joint-ownership-tennants/

The surviving TiC is the sole legal (although not beneficial) owner of the property. See above link.

 As I understand it, with  the survivor's consent, the ultimate beneficiaries may be included as proprietors on the Registry  but (as evidenced by the will) this would be as Trustees of the IIP Trust.

See

https://www.marlowwills.co.uk/life-interest-in-possession-trusts.aspx

The Form A restriction would remain.

cymruchris

xylophone said:

'Tenant in common' (i.e. 50 percent each) - and that in partner 1's will, it was stated that their 50 percent share would go half to child A and half to child B - with of course the other partner living in the house until they themselves pass away - 

The ultimate beneficiaries are the Trustees of the IIP Trust?

The will also states what is to happen should the survivor wish eg to downsize?

For example, that with the permission of the Trustees, he may sell and if there is an excess of capital after the new  property is bought, be entitled to the interest on the excess capital which after his death would pass to to the beneficiaries?


https://www.land-registry-documents.co.uk/information/joint-ownership-tennants/

The surviving TiC is the sole legal (although not beneficial) owner of the property. See above link.

 As I understand it, with  the survivor's consent, the ultimate beneficiaries may be included as proprietors on the Registry  but (as evidenced by the will) this would be as Trustees of the IIP Trust.

See

https://www.marlowwills.co.uk/life-interest-in-possession-trusts.aspx

The Form A restriction would remain.

My understandings are correct as per the links you've posted - thanks - but my question is whether any 'entry' is made on the land registry deeds specific to (in this case) child A and B - or does nothing change on the deeds - the property passes sole ownership to partner 2, although they can't sell it as a 'whole'. After partner 1 passes away - would there normally be any amendment to the registry deeds in the form of a new restriction to protect the beneficial interest of child A and B? It's not clear from either of the links posted.

xylophone

The Form A restriction will remain in place but as explained in the link in my post above, this may not be much protection for the beneficiaries.

There are other restrictions which may be recorded  (perhaps in the case of a survivor's not being willing to include the names of the Trustees on the Register) - the advice of a solicitor should be taken.

https://www.deedoftrust.co.uk/restrictions/

It would be possible, with the consent of the survivor, for the names of the Trustees of the IIP Trust to be recorded  on the Register as co proprietors - this could be the best way of protecting the interests of the ultimate beneficiaries?

getmore4less

The sole survivor(legal owner) can't sell without a second trustee but can appoint their own,

Best way to protect the interests of the trust is to have a trustee as a legal owner

The default trustees are the executors of the will if none specifically named in the will.