ASSENTS

Question 1

ASSENTS

Answer 1

An assent occurs when the PRs acknowledge that they do not require an asset for the purposes of administration and transfer it to a benefciary.

Question 2

REQUIREMENTS

Answer 2

1. chattels pass by delivery, shares by stock transfer form, and so on.
2. On the other hand, an assent of land must be** in writing, be signed by **the PRs, and name the person in whose favour it is given. The writing is needed even if the PR is the benefciary.
3. The assent operates to vest the legal estate in the named person.
4. If the PRs are to continue to hold land in a different capacity as trustees under trusts arising via the will, or under intestacy law, an assent is needed to formally vest the legal estate in themselves as trustees to hold for the benefciaries.

Question 3

If the asset is land, there is a requirement to ensure that unregistered land is subject to first registration. If the land is registered, two options are available to the PRs:

Answer 3

*They can apply to be registered as the owner in place of the deceased, producing the grant when making the application, or
*They can transfer the property by assent to a beneficiary who will then apply to be the registered owner, submit-ting a certifed copy of the grant.

Question 4

PROTECTION FOR PURCHASERS

Answer 4

1. Traditionally, a memorandum of the assent is endorsed on the original grant.
2. Purchasers are given protection when buy-ing land from PRs or from benefciaries who have been given an assent.
3. When buying from PRs, a purchaser should insist on a statement in the conveyance that no previous assent has been made. This protects the purchaser unless they hadnotice to the contrary.
4. If buying from a benefciary, an assent in their favour from PRs is sufficient evidence that the seller is the person entitled to the legal estate. Again, this protects the purchaser unless they knew the assent was given to the wrong person.