 You don't need to be an 'investor' to invest in Singletrack: 6 days left: 95% of target - Find out more
The parties shall hold the property upon a trust for land as beneficial tenants in common - what does this actually mean??
It is to differentiate between Tenants in Common and Joint Tenants in Equity....
[b]Joint tenants in equity[/b]
If an equitable joint tenancy exists, the beneficial interest of any joint tenant (proprietor) will pass on death to the surviving tenant. The last survivor will then hold the land as sole legal and beneficial owner and, as a result, the trust will come to an end. On a sale of the land that person will then be entitled to receive the whole of the purchase money.
[b]Tenants in common[/b]
Some people may not want their interest in the land to vest in the surviving tenant. If they decided to hold the land as tenants in common, on their death their share would vest in the beneficiaries under their will, for example, their children or relatives. If the property was subsequently sold following the death of one of the proprietors, a second trustee would need to be appointed to sell it. This is because the purchase price needs to be paid to at least two trustees in order for the beneficial interest to be overreached. The trust would then attach to the proceeds of sale and the purchaser would take the property free from any trust.
If two people are sharing a property there is different ways of setting up the legal relationship between them. "beneficial tenants in common" is one of them so its just stating that that is what you will be - I think.
https://www.gov.uk/joint-property-ownership