Vested interest meaning

In this issue: Probate Powers of attorney and advance decisions Court of Protection Spouses, civil partners and cohabitants UK taxes for Private Client HMRC Manuals updates Budgets and Finance Bills Insolvency—Private Client Digital assets and cryptoassets Pensions, insurance and tax efficient investments International Question of the week Additional Private Client updates this week Daily and weekly news alerts LexTalk®Private Client: a Lexis+® community New and updated content Dates for your diary Trackers Latest Q&As Useful information Probate Law Society welcomes shorter probate times but calls for further progress The Law Society of England and Wales has responded to HMCTS’s latest monthly management information on probate, noting average processing times fell to 9.3 weeks in July 2024, down from 14 weeks in the same month last year. The Society welcomes HMCTS’s engagement with the probate professional user group and the adoption of recommendations it...

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...

Rock Ferry Waterfront Trust v Pennistone Holdings Ltd [2021] EWCA Civ 1029 What are the practical implications of this case? The circumstances of this case may seem, to some at least, somewhat unusual. Yet they are the kind of facts that are liable to arise in practice more often than might first appear. From the judgment two key principles can be drawn: firstly, where a company not incorporated under the laws of England and Wales is dissolved at a time when it owns property situated in England and Wales, section 1012 of the Companies Act 2006 (the bona vacantia provisions) does not apply. Nonetheless, the company’s incorporation in another jurisdiction does not prevent English law from governing what then happens to the land. Under English law, the land escheats to the Crown and the freehold previously vested in the dissolved company is extinguished. The Crown can subsequently sell the land to a third party; upon that sale a new freehold interest in the land is...

STOP PRESS: On 19 June 2025, the Data (Use and Access) Bill secured Royal Assent, transforming into the Data (Use and Access) Act 2025 (DUAA 2025) and taking partial effect on that same date. Provisions of DUAA 2025 dealing with issues such as handling data subject access requests, and granting the power to make further regulations, commenced immediately on 19 June 2025. Other elements, relating to notices issued by the Information Commissioner and certain facets of law enforcement processing, began to apply on 19 August 2025 (being two months from the date of Royal Assent). The bulk of DUAA 2025’s measures will only commence once additional regulations, by way of statutory instruments, are made and brought into force. Parts 5 and 6 of DUAA 2025 operate to revise and update areas of UK data protection and ePrivacy law within the UK, including the United Kingdom General Data Protection Regulation, Assimilated Regulation (EU) 2016/679 (UK GDPR), the Data Protection Act 2018, and the Privacy and Electronic Communications (EC Directive) Regulations...

The lawful grounds for processing personal data under UK GDPR An organisation may not handle personal data because it chooses to. It may do so only when one of the bases in Article 6(1) of Assimilated Regulation (EU) 2016/679, United Kingdom General Data Protection Regulation (UK GDPR), is met. These are often described as the ‘lawful grounds’, ‘legitimate grounds’ or ‘conditions’ for processing. Processing personal data without a lawful basis breaches the UK GDPR. Non-compliance can cause significant reputational harm, claims from affected data subjects, and fines up to £17.5m or up to 4% of total worldwide annual turnover. Under the UK GDPR, there are seven potentially lawful grounds for processing personal data: the data subject has provided consent for their personal data to be processed for one or more specific purposes—see below: Consent processing is necessary for performing a contract to which the data subject is party, or to take steps at the data subject’s request before entering into a contract—see below: Performance...

Where an executor cannot obtain a grant of probate to the testator’s Will, a fixed hierarchy applies for others to do so by seeking a grant of letters of administration (with Will annexed). See Practice Note: Applications for letters of administration with Will annexed. After the executor, those next in priority under NCPR 1987, r 20 are persons with an interest in the residuary estate. Whether a residuary gift has been made can be ambiguous, particularly when the Will has not been professionally prepared. It is therefore necessary to consider what amounts to a gift of residue. Is there a residuary gift? Typically, a Will contains an express disposition of the residue. There are familiar indicators in the language used, and it is generally accepted that many forms of wording can denote the whole or remainder of the testator’s real and personal property, including: all I possess the rest of my money after these the remainder all my estate or property ...

If [ insert full name of beneficiary ] of [ insert full address of beneficiary ] either dies before me or, though surviving me, does not acquire a vested interest in the said [ insert proportion of shares of residue ] share, I instruct my trustees to hold [ proportion of the predeceased beneficiary’s share, eg one-half ] of [ insert full name of predeceased beneficiary ]’s entitlement as an addition to the share(s) bequeathed to [ insert full name of substituted beneficiary ] of [ insert full address of substituted beneficiary ] and their issue, and to treat the balance being the other [ proportion of the predeceased beneficiary’s share, eg one-half, ] of [ name of predeceased beneficiary...

To: [ insert name of Trustee ] I write in connection with the agreement dated [ date ] between you and me and [ insert name of the Company whose shares are under the JSOP award ] (the Company), pursuant to which we jointly acquired Shares in the Company (the Deed). Further to clause 6.1 of the Deed, the Company has confirmed that [ all of OR insert percentage of ] my Participant’s Interest in the Shares has Vested. Accordingly, I exercise my Sell Right under clause 6.2 of the Deed and require you to join me in the sale of [ all of OR insert number representing the percentage of the Shares which have vested ] of the Shares. Please arrange that sale at the earliest practicable opportunity and thereafter distribute the resulting sale proceeds in accordance with clause 6 of the Deed. My share of the proceeds should be remitted by cheque/by bank transfer to the following account: [ insert account details ]....

For the purposes of this Q&A, it is assumed that: the leasehold property forms part of the unadministered Estate the Estate bears the primary responsibility to pay the service charge the beneficiaries in occupation have a right to occupy the leasehold property Whilst the Estate is being administered, legal ownership of the deceased’s unadministered assets is vested in the personal representatives (PRs) for the purposes of administration and to carry out that administration. In the meantime, no beneficiary, whether taking under the deceased’s Will or by intestacy, has any proprietary interest in any particular or identifiable asset comprised within the unadministered Estate, nor any enforceable claim to such an item. See Practice Note: Beneficiaries’ rights and remedies. The PRs hold extensive powers to administer and manage the deceased’s Estate...

Section 283 of the Insolvency Act 1986 (IA 1986) In general terms, section 283 states that every asset belonging to the bankrupt, or in which the bankrupt held an interest on the date the bankruptcy order was made, forms the bankruptcy estate. Under IA 1986, s 306, that estate vests in the trustee in bankruptcy (trustee) immediately and automatically on appointment, and stays vested until the trustee deals with it, typically by sale—see Practice Note: What assets vest in the trustee in bankruptcy and what steps does the official receiver or trustee in bankruptcy need to take? Where the estate includes land or a beneficial interest in land, the trustee should ensure that the correct entries are or become noted against the title, whether the title is registered or unregistered. Depending on whether the property is owned solely or jointly, certain entries may (or should) be made automatically; if they are not, the trustee can apply to the Land Registry. For more detail, see Practice Note: Protecting a...

For the purpose of this Q&A, we have assumed that: the asset concerned is a residential dwelling property A and B hold either a freehold estate, or a leasehold granted for a term exceeding seven years A occupies a different dwelling as A’s only or principal residence, in which A has a freehold or leasehold interest A and B are not civil partners of one another and/or are separated in circumstances that are likely to be permanent A is not acquiring B’s interest as part of any business activity of buying and selling dwellings carried on by A the trust to be declared by B in favour of A will take the form of a bare trust arrangement completion of A’s acquisition will take place on or before 31 March 2021 As A’s share of the dwelling, in monetary terms, is £225,000, A will need to provide consideration of £220,500 to B to secure a 99% beneficial interest...