Co-ownership, Trust Deeds and Transfers at a Significant Undervalue

Description

Adopting a conveyancer’s perspective, this course focuses on key issues and pitfalls which can arise when you are instructed to act for joint purchasers, to prepare a declaration of trust or to deal with an undervalue disposition.

For instance, when instructed by more than one purchaser, conveyancers typically ask the clients to complete a joint ownership questionnaire, but how else should the risks of future property-related disputes between the parties be addressed at this stage?

Also, the property lawyer sometimes recommends that the joint purchasers should consider a bespoke trust declaration but then the clients either refuse to listen to the advice or want a highly detailed document to be prepared.

When acting for the transferor on an undervalue transaction, the conveyancer is acting on a high-risk matter because the value of the client’s estate will significantly fall immediately following completion.

The areas covered by this course will include:

Co-ownership Issues

• Pitfalls arising from joint tenancies and tenancies in common, including potential conflicts of interest
• Protecting third party rights at the Land Registry — how should you respond if the client requests that no entries are made on the registered title?
• Setting and explaining the limits of the Conveyancing retainer as regards co-ownership risks that could arise after purchase

Trust Declarations

• Potential risks to clients in higher-risk situations if there is no bespoke declaration of trust
• Issues arising when third parties are providing funding, e.g. where the “donor” is related to only one of two joint purchasers
• Real life examples of problems that arose from the drafting of the trust deed

Transfers at Undervalue

• How should the transferor be advised if the disposition is at an apparent undervalue?
• Are there any risks for the transferee?
• The challenge of identifying an undervalue transaction, including potential warning signs