Sale and other disposal of property
England and Wales
Before selling or leasing land which has been held for a specific purpose, such as a burial ground, it is necessary to give public notice of the intention and to consider any representations made about the proposal. In proceeding with any disposal the owning body and its managing trustees will be under a statutory duty to obtain the best terms available. Where Friends Trusts Limited is the custodian trustee of the property it is required to seal the conveyance or lease and will do so on receipt of the properly minuted instructions of the managing trustees. However the Board of Management of the Trust will need to be satisfied that the required procedure has been followed and that all costs arising in connection with the disposal will be met by the beneficial owner. In the case of a meeting house or other property which has been used for the purposes of the Society the proceeds of sale will form a permanent endowment and the capital must be retained for similar purposes in the future.