Transfers and assignments—overview—Property

On 1 June 2004, the second edition of the Standard Commercial Property Conditions came into effect, and those...

Resulting trusts represent one of the three species of trust that do not need to be declared or evidenced in writing at all. The others are constructive and implied trusts, though it is arguably doubtful whether any implied trust exists that is not in reality either a resulting trust or a constructive trust (‘implied’ in this setting often being used simply as a synonym for ‘resulting’ or ‘constructive’). Categorisation of resulting trusts Resulting trusts are either presumed or automatic. A presumed resulting trust arises where: there is a voluntary transfer of property by one person to another; or title to property is placed in the name of someone other than the person who provided the purchase money or other consideration for the acquisition An automatic resulting trust arises where the disposing party has failed to dispose of the entirety of their legal and beneficial interest in the property that is the subject of the disposition. Presumed resulting trusts Voluntary conveyance The presumption of a rebuttable resulting trust arises on the voluntary transfer of personalty. However, the position is less clear in relation to land, having regard to section 60(3) of the Law of Property Act 1925 (LPA 1925)...

On 27 April 2017, the third edition of the Standard Commercial Property Conditions was released and subsequently revised...

In broad terms, the doctrine of overreaching permits purchasers (including tenants and mortgagees) acting in good faith for money or money’s worth to rely exclusively on the legal title. For registered land, this refers to the entries on the register of title, which records ownership of the legal estate and does not concern itself with equitable interests. A buyer taking a legal estate in land from trustees will not be affected by any trusts on which the land is held if the purchase price is paid to all the trustees (there must be at least two) or to a trust corporation. Payment in that form results in the beneficiaries’ interests being ‘overreached’. This is commonly called the 'two trustee' rule. Overreaching also occurs on sales: under the powers of the Settled Land Act 1925 by a mortgagee (see Overreaching by a mortgagee) or personal representative under a court order This Practice Note addresses only sales by trustees of land. What happens to the equitable interests? ...