Property and Trust Case Study Example | Topics and Well Written Essays - 2750 words

Property and swear - Case Study ExampleBeneficial ownership is of deuce types pin tenants and tenants in common. If they are joint tenants, then the property cannot be sold with show up the concord of the joint tenants. If the property is owned as tenants in common, each of them forgeting prepare a share in the property that they can dispose take away as they wish and the discretionary powers vested with them are that they can decide how much each share leave alone be. These people can will their share in slipperiness of their death. Transactions involving real estate whether buy or selling shall be recorded in writing. The important stages in this process are the agreement, the convince of squelchs and the completion. An agreement is defined as where the buyer inspects the property and agrees to pay the price to the seller. In the absence of an agreement the general rule is that everything attached to the property will automatically becomes the property of the buyer. Th e solicitors and conveyancers will carry out the legal procedure in regard to sale of property. In this process the sellers solicitor obtains the sellers title whole works prepares a contract and sends it to the buyers solicitor. Solicitors do not make any enquiries as to the state of repair of the property.The solicitors of both the buyer and seller will exchange the signed contract. The deposit is paid at this stage and the contract becomes binding, subsequently, the completion date is fixed. The Buyers Solicitors send the Stamp Duty Land Transaction Return to the Revenue with requital of any stamp duty. The Deeds have then to be registered at the Land Registry. Certain fees such(prenominal) as the Value Added valuate on the fees, notes payable to the Local Authority and Water Authority, money payable to Land Charges Registry for searches and copies of the Deeds, Land Registry Dealings fees and Stamp Duty Land Tax are to be complied with1.In our present case the property is pu rchased by the five friends jointly and gum olibanum they became Tenants in Common. In this context, the members can transfer their share of property to whomsoever they wish to through a will. Friends or relatives, who are buying together often, choose to be tenants in common. Thus in separate words each of the members owns a specific share of property but does not necessarily have to have equal shares. The share in the property of any member, who dies, does not automatically devolve on to the other legal owners. It goes to the person who was nominated in the will or if there is no will it passes on to the next of kin. Tenancy in common refers to a form of shared ownership where two or more persons own land without the right of survivorship. Tenancy in common is often implemented in cases where property owners are engaged in an attempt to reduce inheritance taxes. If the property was owned as a tenancy in common, then the question of who inherits the deceased persons share is dete rmined by the terms of their will or in the absence of a will by the laws of intestacy. In case the property was held under joined tenancy the surviving owner inherits automatically and this is not subject to the will or law of intestacy. When the property was owned solely by the deceased or jointly by owners who have died, the terms of their will determines who inherits however, if there is no wi