DECLARATIONS OF TRUST

Declarations of Trust are used to confirm a beneficial interest in an asset, usually property. 
If you buy a property with another person both names will be on the Land Registry Title Register and it will be assumed that you own the beneficial interest in the property in equal shares.  However, very often purchasers put in unequal amounts in deposit or, perhaps, only one party pays the mortgage or pays for improvements.
In these circumstances you may wish for your financial input to be recognised so that in the event the property is sold, you each get back what you have put in.  The property would need to be held as Tenants in Common.  When you purchase your property your conveyancing solicitor should ask you if you wish to hold it as joint tenants or tenants in common. 
The Declaration of Trust then sets out the beneficial share of your ownership and can also include various conditions attached to the ownership, ie in the event that only one party wishes to sell, the other can have the right to buy the other party’s share.

Please note that it is important that if you hold a property as tenants in common to have a Will in place.  This will determine who your share of the property is to pass to in the event of your death.

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Please fill in the form for our Trusted Will Writers to draw up your documents.

Cost: £100