Landlords would be well advised to ensure all records regarding their properties are kept up to...
A Trust of Land is land that is held by a legal owner, or owners, on trust for one or more beneficial owners. A typical example would be if you and your spouse state that you own your house jointly, but you hold it on trust for yourselves as tenants in common in (un)equal shares or as beneficial joint tenants.
A Trust of Land will be based on an agreement, normally completed in writing, between the legal owner and the person asserting a beneficial interest.
Difficulties will arise where a beneficiary relies on verbal discussions and asserts that the legal owner acted to their detriment or significantly altered their position in reliance on the agreement in order to give rise to a constructive trust or a proprietary estoppel. Where the matter cannot be resolved, it may be necessary to bring an action under the Trusts of Land and Appointment of Trustees Act 1996 (ToLATA).
Bringing a ToLATA claim allows the Court to determine the extent of yours and the other party’s interest in the land or property, which could result in them ordering the sale of the property. They would then determine how the proceeds of sale should be distributed between the beneficiaries and in what shares.
If you find yourself in this situation, either as the legal owner of a property or as a beneficiary, we are able to advise you on the your legal rights and those of the other party, as well as guiding you through the various ways to agree consensual settlement of the issues, perhaps by mediation or other dispute resolution means.
What will it cost?
Each case will be different and our charges and costs will be discussed with a potential client at the initial interview, in most cases the first interview will be fixed at £100.00 plus vat. Depending on the merits of your case, we may be able to deal with your claim under a conditional fee agreement ‘CFA’ (no win no fee) or a deferred fees basis. We will discuss the funding options available at our first consultation.
For further information please contact our expert Kevin Richardson on 02392 660261 by e-mail krichardson@biscoes-law.co.uk or by using our contact form.