Vested in possession meaning

In this issue: Key developments and horizon scanning Lease covenants and obligations Forfeiture Trespass and adverse possession Residential tenancies Repairing obligations and dilapidations Disputes and remedies Property disputes in Scotland Additional Property Disputes updates LexTalk®Property Disputes: a Lexis®Nexis community Daily and weekly news alerts Dates for your diary Trackers Latest Q&As Key developments and horizon scanning Judicial review of LFRA 2024 to proceed (R (on the application of John Lyons Charity) v Secretary of State for Housing, Communities and Local Government) In R (on the application of John Lyons Charity) v Secretary of State for Housing, Communities and Local Government [2025] EWHC 543 (Admin), the High Court permitted a judicial review application to proceed concerning particular parts of the Leasehold and Freehold Reform Act 2024 (LFRA 2024) that set the approach to valuing property for enfranchisement claims. The court considered it reasonably arguable that the impugned statutory provisions themselves...

Private Client England & Wales glossary A Abatement When, after settling the deceased’s funeral costs, debts and liabilities, the remaining estate cannot satisfy all legacies in full, the gifts are reduced accordingly, unless the Will shows a different intention. In a solvent estate, the order for reduction appears in Part II of Schedule 1 to the Administration of Estates Act 1925. Refer to Practice Note: Payment of legacies. Accruals basis Where income is taxed on an accruals basis, it is attributed to a given tax year by reference to the number of days within that year during which the activity giving rise to the liability accrued. See Practice Note: What is the basis of income tax?. Accumulation and maintenance (A&M) trust A form of non‑interest in possession trust designed to benefit children and young people up to 25, which received favourable inheritance tax treatment between 1975 and 2006. See Practice Note: Accumulation and maintenance trusts—IHT [Archived]. Accredited Legal Representative (ALR) ...

This Practice Note is currently maintained internally. Reasons for restructuring a trust A trust might be reorganised for several aims, such as to: establish an interest in possession for one or multiple beneficiaries narrow the class of beneficiaries set up distinct trusts for named beneficiaries or for a defined class form one or more sub-funds appoint alternative trustees for a segment of the trust fund broaden the trustees’ administrative powers Restructuring may proceed through one or more of these routes: using a statutory power, or an express power within the trust deed or instrument applying to the court to vary the trust’s terms a beneficiary disposing of, or disclaiming, a vested or contingent interest Exercise of a power This is generally the most straightforward and effective route to restructuring, as it can (if the trust’s terms permit) be carried out quickly and without any action required from a...

Clause 1—Definitions Revise the definition of Completion Date: Completion Date • [ date ] as the completion date set under the Original Contract; Insert the following definitions: Original Contract • an agreement dated [ date ] made between (1) the Original Seller and (2) the Seller, under which the Seller has agreed to purchase the Property from the Original Seller; Original Seller • [ name ]; Clause 3—The transfer For a sub-sale with a single transfer, update clause 3.3 to refer to the Original Seller: The [ Original ] Seller is not obliged to transfer the Property other than as a whole and to the Buyer at the Price. For a sub-sale of part only of the land in the Original Contract, consider adding a new clause 3.4: The Seller must [ take a transfer OR procure the transfer to a third party ] of the remainder of the land comprised in...

An unincorporated charity lacks its own separate legal personality and, in practical and legal terms, does not exist as a distinct body that can enter contracts or own property. Consequently, any property is held and any legal dealings are undertaken solely through, and in the names of, its trustees. Under section 117 of the Charities Act 2011 (CA 2011), ‘charity trustees’ are those who exercise overall control and manage the charity’s administration. Trustees of a charity ought to be recorded with the Charities Commission; however, this does not invariably happen, particularly in the case of smaller charities operating with a rotating board. The identity of the trustees will ordinarily be established by reference to the charity’s charitable articles...