Why does Bridgewater assume Legal Title?
Within a home reversion plan, the home reversion provider is the Legal Owner and so takes responsibility for the sale of the property when the property is vacated. This means the family are not burdened with the responsibility of dealing with the property sale at an already difficult time. Bridgewater is also responsible for ensuring that the sale proceeds are paid to the estate in accordance with the Beneficial Interest noted in the Declaration of Trust, provided an interest has been retained.
How are the interests of the Beneficial Owner protected?
Beneficial Interest is protected in two ways:
Within a home reversion plan, the home reversion provider is the Legal Owner and so takes responsibility for the sale of the property when the remaining client dies or moves into care. This means the family are not burdened with the responsibility of dealing with the property sale at an already difficult time. Bridgewater is also responsible for ensuring that the sale proceeds are paid to the estate in accordance with the Beneficial Interest noted in the Declaration of Trust, provided an interest has been retained.
Lifetime Lease is granted at the commencement of the plan which protects the clients right to occupy the property and provides them with security of tenure for life. The Declaration of Trust is held by us as Trustees who will always be there, so in the event of death or moving into care, we will deal with the sale of the property and distribute the proceeds of sale according to the Beneficial Interest noted in the Declaration of Trust. The Trustees are legally bound to distribute the benefits in accordance with the Declaration of Trust.