9 FLK2 Flashcards
Facts:
- Restrictive cov is reg in Charges Reg
- old seller (A) has the benefit
- old buyer (B) has the burden
- cov touches & concerns the land
- A sells to C
- B sells to D
- if it is a restrictive cov, is C able to enforce it in law or equity?
- against who can C enforce the cov?
- will the benefit of the restrictive cov pass to C on purchase from A?
- what requirements should C meet in order to be able to enforce the restrictive cov in equity against D?
- equity only (common law does not allow the burden to run with the land)
- new buyer of B’s land ie D
- yes, this is called annexation (ie subsequent owners of the benefitting land can enforce the restrictive cov)
- Acc to Tulk:
a. cov should be recorded +
b. D should have notice of the cov during purchase (eg by being registered on Charges Reg).
when can a written statement be admitted as evidence in trial w/o the witness?
If witness is unable to attend court due to any one of the below:
- dead/ unfit (mentally/ physically)
- outside UK thus not practical
- cant be found w reasonable steps taken to find them
- fear
Theft
- does willingness to pay negate dishonesty?
- if D holds genuine belief that the owner of prop would have consented would have consented to appropriation, will that negate theft?
- no
- yes
What do you need to remove a charge from the register?
Waiver/ consent from who the charge benefits
what is an excepted estate?
no IHT
this is cus of either (I) falling below IHT threshold or (ii) an exemption applies
What are the conditions for an excepted estate?
- deceased died in uk
- property in estate is max 150K
- non-uk assets is max 100K
- any chargeable transfers in the last 7 years is max 150K
- max gross estate value is 3 mil
how should executors obtain probate once a person has died?
complete probate/ confirmation application
no need to complete IHT form to obtain probate
what happens when you breach bail conditions?
what is the exception for failing to surrender to bail conditions?
your bail will be reconsidered and you will commit the offence of absconding
having a reasonable excuse
then you will not be convicted for the offence of absconding
note: dont factor in any other offence or its verdict
When can B’s unanimously end a trust early?
What is the Re Smith rule?
This is the rule under S v V
Remb, all B’s interest must be vested + absolutely entitled in order to terminate!!!
Then, B’s must have:
- unanimous agreement to end the trust
- capacity (18 + sound mind)
- absolutely entitled to the property
+ this is also expanded to disc. B’s with a closed class (all memb. must agree).
ie there cannot be an open class of Bs [Re Smith]
Key element of Code for Leasing Business Premises?
Transparency and mutual understanding + fair balance of commercial interests + constructive & collaborative
Trust
If there is a life tenant and remaindermen, can trustees advance capital to the life tenant?
No
Life tenant will not have access to the capital ie $
LT will only have access to the income of the asset. This is because, upon the death of the LT, the R need to receive the asset.
What kind of dishonesty do you need under Fraud Act?
Objective dishonestly (Ivey criteria). Needs to be deemed dishonest by the standards of reasonable, honest people, irrespective of D’s own belief of his conduct.
How do you transfer IHT exemptions bw spouses?
Transfer unused % (not $$) of the spouse
It doesn’t matter when they died, it can be transferred as long as it is unused
When do you get to use the residence nil rate band in IHT?
If you are giving prop to your direct descendent (child/ grandchild) then X amount is untaxed
Note: RNRB is transferable bw spouses like main nil rate band
RNRB = £175,000
When is power of advancement used?
Can it be used for adults and minors?
For a specific purpose
Yes, unlike maintenance which is only for minors
