Transfers: appointing a second trustee on the sale of property
A standard clause for insertion into panel 11 of Land Registry Form TR1 for the sale of a registered property in England and Wales that is subject to a trust of land where a new trustee must be appointed to effect the sale, particularly when a sole trustee is selling the property. It provides practitioners with the necessary wording to appoint a second trustee, allowing for a valid receipt for the purchase price and the overreaching of beneficial interests under the Law of Property Act 1925 (LPA 1925). The clause facilitates the appointment and sale within the same transfer document, which can satisfy a Form A restriction and provide certainty for the buyer. It contains alternative provisions exercising the statutory powers under section 36 of the Trustee Act 1925 (TA 1925) either to replace a former trustee or appoint an additional one .
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