Residential Conveyancing

Declarations of Trust

Residential Conveyancing > Declarations of Trust

Expert Residential Conveyancing Solicitors in Declarations of Trust

Are you buying a property with someone else? Have you thought about recording and protecting your respective interests in the property? A Declaration of Trust is a great option. Get in touch with our team today for more information on 0330 912 8338.

If you’re looking to buy a property with someone else, you should be considering a Declaration of Trust.

It’s purpose is to protect your investment by setting out the rights and obligations of each co-owner so that both parties know what is expected of them and what will happen if either or both of them wish to sell.

For the best legal advice related to declarations of trust, choose our Residential Conveyancing Solicitors for a quick and easy legal support.

What Declaration of Trust services do we provide?

Declarations of Trust services include drafting and crafting Declarations of Trust that accurately record the financial arrangements between joint owners of a property. A Declaration of Trust is a legally binding document that specifies each person’s initial contribution to the property, their ongoing financial responsibilities, and outlines what will happen in the event of a sale or if one person wants to be bought out. We can also assist in registering the Declaration of Trust with the land registry to safeguard the interests of those involved. Additionally, we advise on the impact of a Declaration of Trust on a mortgage and whether lender consent is necessary. It is important to consult with a specialist solicitor for comprehensive guidance and tailored solutions in these matters.

Declarations of Trust FAQs

What is a Declaration of Trust?

A Declaration of Trust is a legally binding document that specifies the ownership and financial arrangements of individuals who have a stake in a property.

When is a Declaration of Trust necessary?

A Declaration of Trust is necessary when there are multiple owners and no existing legal agreements determining ownership shares.

Why should I have a Declaration of Trust?

A Declaration of Trust helps to protect everyone’s interests and ensure each party receives their entitled share when the property is sold. It reduces the risk of disagreements and clarifies ownership arrangements.

What details should be included in a Declaration of Trust?

Each Declaration of Trust is unique but should include details such as each party’s contribution to the deposit, mortgage payments, percentage of ownership, and how the property will be valued and sold.

Is a Declaration of Trust legally binding?

Yes, a Declaration of Trust is a legally binding document.

Can a Declaration of Trust be changed?

Yes, a Declaration of Trust can be changed if all parties involved agree to the amendments and sign a formal document to vary it.

Is a Declaration of Trust necessary for unmarried couples buying property together?

A Declaration of Trust is recommended for unmarried couples buying property together to clarify ownership shares and protect their interests.

Can a Declaration of Trust protect someone who is not on a mortgage?

This depends on the particular circumstances. A Declaration of Trust can sometimes help to protect someone who is not on a mortgage by recording their financial contributions and ownership rights but this is not always the case and needs specialist advice.

What happens if there is no Declaration of Trust?

Without a Declaration of Trust, disputes over ownership shares and financial contributions can arise, leading to costly legal battles. A Declaration of Trust doesn’t guarantee that no disputes will arise, but if it is carefully drafted and properly reflects the parties’ intentions it can go a long way towards preventing later disagreements.

Should I also make a Will if I have a Declaration of Trust?

Yes, it is important to make a Will to ensure that your estate, including any properly interests, passes according to your wishes, even if you have a Declaration of Trust.

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Call 0330 912 8338 to have a chat with our Residential Conveyancing experts.