ABSTRACT
This chapter describes the seven prime objectives for owning land and shows the importance of legal personality in owning property. It explores the concept of the objective of ownership. The chapter examines the purpose of ownership and activities relating to assets in general with emphasis on the financial aspects. Legal personality or status describes or contains the bundle of rights and obligations attaching to an individual, company, a trust or other body. Traditionally, property has been a basis for holding and accumulating wealth. Investors tend to hold property for a long time, so funding on a long-term basis is the norm, eg., by mortgage. The ownership of heritage property is an important part of the property market in the voluntary sector. Many established charities have substantial investment holdings from which they receive investment income from property and other assets. The Charity Act 1993 regulates charities with the Charity Commission being responsible for overseeing their creation and management.
