TOLATA is the abbreviation for the Trusts of Land and Appointment of Trustees Act 1996 (“the Act”).
The Act was created to combine various provisions under different statutes into one. Sections 14 and 15 of the Act are triggered where there is a dispute relating to a trust of land. In other words, and as an example, where there is a dispute between co-owners of a property, a party may be eligible to make a claim under the Act.
This article will focus on Section 15 of the Act as it is a key area if you are thinking about making a claim or need to defend one.
Section 15 of the Act is the part which relates to the considerations in respect of making an application. Although the following is not an exhaustive list, the Court’s main considerations are as follows:
- The intention(s) of the parties and the purpose(s) of the trust of land
- Whether there are any welfare issues (i.e. minors living at the property)
- Whether there are any interests of secured creditors of any beneficiary
Tackling these considerations at the outset is an essential task for any claimant or defendant.
The result of a successful application could be that the property is sold, and the parties beneficial shares are declared. But there are a range of orders the court can make. One must also consider the cost consequences of a claim and how a claim can be enforced, amongst other matters. The considerations are numerous and specialist advice is required to navigate them.
If you require advice, then Barrett & Co would be happy to assist. Our full-service team have successful experience of dealing with these applications: please call us on 0118 958 9711.
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If you would like further information, Nicholas Buckle offers an initial one hour fixed fee meeting at a cost of £95 (inc. VAT). During these meeting we can discuss your personal circumstances, options and possible next steps. Nick specialises on a broad range of contentious probate matters.
Due to the current circumstances, meetings can occur via telephone. We are hoping that meetings at our office in Reading can occur soon. Please call the office on 0118 9589711 or email [email protected] if you would like to book a meeting.