If a Testator dies leaving a life interest in a will against a property that can be used to purchase a new property how is the LI or “beneficiaries” interest documented at the Land Registry on the new property?
Do all Trustees need to be registered on the title?
Thanks
1, It’s not. The register reflects the legal ownership
2. All the trustees who (jointly) hold the legal title should be registered.
If the Trustees are registered with the other legal owner ie surviving spouse the beneficial interest is to be protected is this a Form A or B to detail a DOT ?
The Land Registration Act 2002 expressly prohibits the recording of interest under trusts —
33. No notice may be entered in the register in respect of any of the following—
1. (a) an interest under—(i) a trust of land, or
(ii) a settlement under the Settled Land Act 1925 (c. 18), …
This reflects the underlying objective that equitable interest including interests under trusts should so far as possible be kept off the register; and that such interest can (regardless of the terms of the trust) be overreached under sections 2 and 27 of the Law of Property Act whose centenary we shall be celebrating next year.
There should of course be a Form A restriction.
Clifford Payton
Alpha Court Chambers