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[F6(3)Subsection (2) of this section does not prevent a legal estate being dealt with without the appointment of a new trustee, or the discharge of the incapable trustee, at a time when the donee of [F7an enduring power of attorney or lasting power of attorney (within the meaning of the 2005 Act) is entitled to act for the trustee who lacks capacity inrelation to the dealing.]]
F1S. 22 substituted by Mental Health Act 1959 (c. 72), Sch. 7 Pt. I
F2Words in s. 22(2) and sidenote substituted (1.1.1997) by 1996 c. 47, s. 25(1), Sch. 3 para. 4(6) (with ss. 24(2), 25(4)); S.I. 1996/2974, art. 2
F3Words in s. 22(1) substituted (1.10.2007) by Mental Capacity Act 2005 (c. 9), ss. 67(1), 68, Sch. 6 para. 4(2)(a)(i) (with ss. 27, 28, 29, 62); S.I. 2007/1897, art. 2(1)(d)
F4Words in s. 22(1) substituted (1.10.2007) by Mental Capacity Act 2005 (c. 9), ss. 67(1), 68, Sch. 6 para. 4(2)(a)(ii) (with ss. 27, 28, 29, 62); S.I. 2007/1897, art. 2(1)(d)
F5Words in s. 22(2) substituted (1.10.2007) by Mental Capacity Act 2005 (c. 9), ss. 67(1), 68, Sch. 6 para. 4(2)(b) (with ss. 27, 28, 29, 62); S.I. 2007/1897, art. 2(1)(d)
F6S. 22(3) inserted (1.3.2000) by 1999 c. 15, s. 9(1)(2); S.I. 2000/216, art. 2
F7Words in s. 22(3) substituted (1.10.2007) by Mental Capacity Act 2005 (c. 9), ss. 67(1), 68, Sch. 6 para. 4(2)(c) (with ss. 27, 28, 29, 62); S.I. 2007/1897, art. 2(1)(d)
F1S. 23 (and the heading immediately preceding it) repealed (1.1.1997) by 1996 c. 47, s. 25(2), Sch. 4 (with ss. 24(2), 25(4)); S.I. 1996/2974, art.2
F1S. 23 (and the heading immediately preceding it) repealed (1.1.1997) by 1996 c. 47, s. 25(2), Sch.4 (with ss. 24(2), 25(4)); S.I. 1996/2974, art.2
F1S. 24 (and the heading immediately preceding it) substituted (1.1.1997) for s. 24 by 1996 c. 47, s. 25(1), Sch. 3 para. 4(7) (with ss. 24(2), 25(4)); S.I. 1996/2974, art.2
(1)The persons having power to appoint new trustees of land shall be bound to appoint the same persons (if any) who are for the time being trustees of any trust of the proceeds of sale of the land.
(2)A purchaser shall not be concerned to see that subsection (1) of this section has been complied with.
(3)This section applies whether the trust of land and the trust of proceeds of sale are created, or arise, before or after the commencement of this Act.]
F1S. 24 (and the heading immediately preceding it) substituted (1.1.1997) for s. 24 by 1996 c. 47, s. 25(1), Sch. 3 para. 4(7) (with ss. 24(2), 25(4)); S.I. 1996/2974, art.2
F1S. 25 repealed (1.1.1997) by 1996 c. 47, s. 25(2), Sch.4 (with ss. 24(2), 25(4)); S.I. 1996/2974, art. 2
F1S. 26 repealed (1.1.1997) by 1996 c. 47, s. 25(2), Sch.4 (with ss. 24(2), 25(4)); S.I. 1996/2974, art. 2
[ F1(1)A purchaser of a legal estate from trustees of land shall not be concerned with the trusts affecting the land, the net income of the land or the proceeds of sale of the land whether or not those trusts are declared by the same instrument as that by which the trust of land is created.]
[F2(2)Notwithstanding anything to the contrary in the instrument (if any) creating a [F3trust] of land or in [F3any trust affecting the net proceeds of sale of the land if it is sold], the proceeds of sale or other capital money shall not be paid to or applied by the direction of fewer than two persons as [F3trustees], except where the trustee is a trust corporation, but this subsection does not affect the right of a sole personal representative as such to give valid receipts for, or direct the application of, proceeds of sale or other capital money, nor, except where capital money arises on the transaction, render it necessary to have more than one trustee.]
F1S. 27(1) substituted (1.1.1997) by 1996 c. 47, s. 25(1), Sch. 3 para. 4(8)(a) (with ss. 24(2), 25(4)); S.I. 1996/2974, art. 2
F2S. 27(2) substituted by Law of Property (Amendment) Act 1926 (c. 11), Sch.
F3Words in s. 27(2) substituted (1.1.1997) by 1996 c. 47, s. 25(1), Sch. 3 para. 4(8)(b)(i)(ii)(iii) (with ss. 24(2), 25(4)); S.I. 1996/2974, art. 2
F1S. 28 repealed (1.1.1997) by 1996 c. 47, s. 25(2), Sch.4 (with ss. 24(2), 25(4)); S.I. 1996/2974, art. 2
F1S. 29 repealed (1.1.1997) by 1996 c. 47, ss. 9(9), 25(2), Sch. 4 (with ss. 24(2), 25(4)); S.I. 1996/2974, art. 2
F1S. 30 repealed (1.1.1997) by 1996 c. 47, s. 25(2), Sch. 4 (with ss. 24(2), 25(4)); S.I. 1996/2974, art. 2
(1)Where any property, vested in trustees by way of security, becomes, by virtue of the statutes of limitation, or of an order for foreclosure or otherwise, discharged from the right of redemption, it shall be held by them [F2in trust—
(a)to apply the income from the property in the same manner as interest paid on the mortgage debt would have been applicable; and
(b)if the property is sold, to apply the net proceeds of sale, after payment of costs and expenses, in the same manner as repayment of the mortgage debt would have been applicable.]
[ F3(2) Subsection (1) of this section] operates without prejudice to any rule of law relating to the apportionment of capital and income between tenant for life and remainderman.
F4(3). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
[ F5(4)Where—
(a)the mortgage money is capital money for the purposes of the Settled Land Act 1925;
(b)land other than any forming the whole or part of the property mentioned in subsection (1) of this section is, or is deemed to be, subject to the settlement; and
(c)the tenant for life or statutory owner requires the trustees to execute with respect to land forming the whole or part of that property a vesting deed such as would have been required in relation to the land if it had been acquired on a purchase with capital money,
the trustees shall execute such a vesting deed.]
(5)This section applies whether the right of redemption was discharged before or after the first day of January, nineteen hundred and twelve, but has effect without prejudice to any dealings or arrangements made before that date.
F1Word in s. 31 sidenote substituted (1.1.1997) by 1996 c.47, s. 5(1), Sch. 2 para. 1(6)(7) (with ss. 24(2), 25(4)); S.I. 1996/2974, art.2
F2S. 31(1)(a)(b) and preceding words substituted (1.1.1997) by 1996 c. 47, s. 5(1), Sch. 2 para. 1(2)(7) (with ss. 24(2), 25(4)); S.I. 1996/2974, art. 2
F3Words in s. 31(2) substituted (1.1.1997) by 1996 c. 47, s. 5(1), Sch. 2 para. (1)(3)(7) (with ss. 24(2), 25(4)); S.I. 1996/2974, art.2
F4S. 31(3) repealed (1.1.1997) by 1996 c. 47, ss. 5(1), 25(2), Sch. 2 para. 1(4)(7), Sch. 4 (with ss. 24(2), 25(4)); S.I. 1996/2974, art.2
F5S. 31(4) substituted (1.1.1997) by 1996 c. 47, s. 5(1), Sch. 2 para. 1(5)(7) (with ss. 24(2), 25(4)); S.I. 1996/2974, art.2
F1S. 32 repealed (1.1.1997) by 1996 c. 47, ss. 5(1), 25(2), Sch. 2 para. 2(1)(2), Sch.4 (with ss. 24(2), 25(4)); S.I. 1996/2974, art. 2
The provisions of this Part of this Act relating to [F1trustees of land] apply to personal representatives holding [F1land in trust], but without prejudice to their rights and powers for purposes of administration.
F1Words in s. 33 substituted (1.1.1997) by 1996 c. 47, s. 25(1), Sch. 3 para. 4(9)(a)(b) (with ss. 24(2), 25(4)); S.I. 1996/2974, art.2
(1)An undivided share in land shall not be capable of being created except as provided by the M1Settled Land Act, 1925, or as hereinafter mentioned.
(2)Where, after the commencement of this Act, land is expressed to be conveyed to any persons in undivided shares and those persons are of full age, the conveyance shall (notwithstanding anything to the contrary in this Act) operate as if the land had been expressed to be conveyed to the grantees, or, if there are more than four grantees, to the four first named in the conveyance, as joint tenants [F1in trust for the persons interested in the land]:
Provided that, where the conveyance is made by way of mortgage the land shall vest in the grantees or such four of them as aforesaid for a term of years absolute (as provided by this Act) as joint tenants subject to cesser on redemption in like manner as if the mortgage money had belonged to them on a joint account, but without prejudice to the beneficial interests in the mortgage money and interest.
(3)A devise bequest or testamentary appointment, coming into operation after the commencement of this Act, of land to two or more persons in undivided shares shall operate as a devise bequest or appointment of the land to F2. . . the personal representatives of the testator, and F2. . .(but without prejudice to the rights and powers of the personal representatives for purposes of administration) [F3in trust for the persons interested in the land].
[ F4(3A)In subsections (2) and (3) of this section references to the persons interested in the land include persons interested as trustees or personal representatives (as well as persons beneficially interested).]
F5(4). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F1Words in s. 34(2) substituted (1.1.1997) by 1996 c. 47, s. 5(1), Sch. 2 para. 3(2)(6) (with ss. 24(2), 25(4)); S.I. 1996/2974, art. 2
F2Words in s. 34(3) repealed (1.1.1997) by 1996 c. 47, ss. 5(1), 25(2), Sch. 2 para. 3(3)(a)(6), Sch.4 (with ss. 24(2), 25(4)); S.I. 1996/2974, art. 2
F3Words in s. 34(3) substituted (1.1.1997) by 1996 c. 47, s. 5(1), Sch. 2 para. 3(3)(b)(6) (with ss. 24(2), 25(4)); S.I. 1996/2974, art.2
F4S. 34(3A) inserted (1.1.1997) by 1996 c. 47, s. 5(1), Sch. 2 para. 3(4)(6) (with ss. 24(2), 25(4)); S.I. 1996/2974, art. 2
F5S. 34(4) repealed (1.1.1997) by 1996 c. 47, ss. 5(1), 25(2), Sch. 2 para. 3(5)(6), Sch.4 (with ss. 24(2), 25(4)); S.I. 1996/2974, art.2
C1S. 34 applied by Leasehold Reform Act 1967 (c. 88), s. 6(1)
M11925 c. 18.
F1S. 35 repealed (1.1.1997) by 1996 c. 47, s. 25(2), Sch.4 (with ss. 24(2), 25(4)); S.I. 1996/2974, art. 2
(1)Where a legal estate (not being settled land) is beneficially limited to or held in trust for any persons as joint tenants, the same shall be held [F1in trust], in like manner as if the persons beneficially entitled were tenants in common, but not so as to sever their joint tenancy in equity.
(2)No severance of a joint tenancy of a legal estate, so as to create a tenancy in common in land, shall be permissible, whether by operation of law or otherwise, but this subsection does not affect the right of a joint tenant to release his interest to the other joint tenants, or the right to sever a joint tenancy in an equitable interest whether or not the legal estate is vested in the joint tenants:
Provided that, where a legal estate (not being settled land) is vested in joint tenants beneficially, and any tenant desires to sever the joint tenancy in equity, he shall give to the other joint tenants a notice in writing of such desire or do such other acts or things as would, in the case of personal estate, have been effectual to sever the tenancy in equity, and thereupon [F2the land shall be held in trust on terms] which would have been requisite for giving effect to the beneficial interests if there had been an actual severance.
[F3Nothing in this Act affects the right of a survivor of joint tenants, who is solely and beneficially interested, to deal with his legal estate as if it were not held [F2in trust].]
(3)Without prejudice to the right of a joint tenant to release his interest to the other joint tenants no severance of a mortgage term or trust estate, so as to create a tenancy in common, shall be permissible.
F1Words in s. 36(1) substituted (1.1.1997) by 1996 c. 47, s. 5(1), Sch. 2 para. 4(2)(4) (with ss. 24(2), 25(4)); S.I. 1996/2974, art.2
F2Words in s. 36(2) substituted (1.1.1997) by 1996 c. 47, s. 5(1), Sch. 2 para. 4(3)(a)(b)(4) (with ss. 24(2), 25(4)); S.I. 1996/2974, art.2
F3Words added by Law of Property (Amendment) Act 1926 (c. 11), Sch.
C1S. 36 applied by Leasehold Reform Act 1967 (c. 88), s. 6(1)
C2S. 36(2) extended retrospectively by Law of Property (Joint Tenants) Act 1964 (c. 63), ss. 1, 2
A husband and wife shall, for all purposes of acquisition of any interest in property, under a disposition made or coming into operation after the commencement of this Act, be treated as two persons.
(1)Where under a disposition or other arrangement which, if a holding in undivided shares had been permissible, would have created a tenancy in common, a wall or other structure is or is expressed to be made a party wall or structure, that structure shall be and remain severed vertically as between the respective owners, and the owner of each part shall have such rights to support and user over the rest of the structure as may be requisite for conferring rights corresponding to those which would have subsisted if a valid tenancy in common had been created.
(2)Any person interested may, in case of dispute, apply to the court for an order declaring the rights and interests under this section of the persons interested in any such party structure, and the court may make such order as it thinks fit.
For the purpose of effecting the transition from the law existing prior to the commencement of the M1Law of Property Act, 1922, to the law enacted by that Act (as amended), the provisions set out in the First Schedule to this Act shall have effect—
(1)for converting existing legal estates, interests and charges not capable under the said Act of taking effect as legal interests into equitable interests;
(2)for discharging, getting in or vesting outstanding legal estates;
(3)for making provision with respect to legal estates vested in infants;
(4)for subjecting land held in undivided shares to [F1trusts];
(5)for dealing with party structures and open spaces held in common;
(6)F2. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(7)for converting existing freehold mortgages into mortgages by demise;
(8)for converting existing leasehold mortgages into mortgages by sub-demise.
Law of Property Act 1925