Hello and thanks for using Just Answer.
My name is ***** ***** am happy to assist you with your enquiry.
1. The title Deeds are the evidence that a party owns a property. These are normally registered at the Land Registry and are now called "Official Copies". The Title Deeds show who owns the property, whether or not there are any covenants affecting the property and whether the property is subject to a Mortgage.
2. The legal interest means who is shown on the Title deeds as legally owning
the property. If 2 people own the legal interest, they both may have a different beneficial interest in the property (ie one may own a 605 share and the other own a 40% share- this is the beneficial interest of each party).
3. A tenancy for life means that someone has been granted a Lease, allowing them to reside in a property for the duration of their lifetime, subject to any conditions or payment of rent which may be stipulated in the Lease.
4. The legal title means who owns the property and whose name will appear on the Official Copies (the title deeds), referred to in point 1 above.
5. Beneficial title is just referring to what percentage each legal owner holds in the property, as discussed in point 2 above.
6. As discussed in point 2. Furthermore, although a party may legally own a property in their sole name, they may be holding the property on trust for a third party. eg a Father may own the legal title (ie only his name is ***** ***** Official Copies) but a separate document had been drawn up to show that he be holding the property on trust for his children. In this example, the children are the beneficial owners, even though their names are ***** ***** the legal title.
I hope this assists and answers your questions.
Thanks for your response. I have further questions pls.
1) what is equitable interest?
2)what is life and beneficial interest?
2a) if a person in no2 has this, then in what way should it be registered in the land registry?
3)If the names cannot be removed from the mortgages at present, will the transfer of the properties in sole names be done in the same way?
4)transferring into sole name's ***** ***** legal interest and beneficial interest, are both transferred into the sole name?
5)If for eg the flat goes to repossession then can the lender put a charge on my property - to cover my liability of that debt?
I answer as follows-
1. An equitable interest means a financial interest in a property, held by someone who is not a legal owner of the property.
2. A life interest means someone has an interest in a property which lasts for the duration of their life. A beneficial interest has been defined in my first answer. Together, a life and beneficial interest is just refering to what type of interest the person has.
3. The legal ownership can be transferred, even though the Mortgage remains in all the owners names. However, some mortgage companies will ask that their consent is obtained before the legal ownership is transferred.
4. Correct- on transferring the legal ownership into one name would mean that both the legal and beneficial interest is transferred.
5.A lender is NOT entitled to register a new Charge over a party's other property if they repossess that party's other property.
I hope this clarifies matters.
If I have helped, I would be grateful if you could rate my answer.
Thanks. Pls could answer 2a?
I need to know if my mum has a lifetime interest and the court order states the house to be transferred into my sole name. In what way should it be registered on the land registry? eg is it tenancy for life for my mum?
The conveyancing on transferring the names, roughly how much is the fee?
Thanks. Sorry I forgot to answer 2a- if there is a life interest, this will be shown as a Lease, details of which will be shown in the Charges Register of the Official Copies.
As regards ***** ***** fees on transferring a property, we Solicitors would normally charge approximately £300 plus VAT and there will be a Land Registry fee, based on the value of the property- will be between £40-£90.
I hope this helps.
I need to understand this properly. If my mum has life and beneficial interest ie lifetime interest. How is it registered on the land registry?
be shown in the section on the Official Copies called "the Charges Register" . It will say something like "Lease in favour of ZZZ DATED AAA".