Declaration of Trust
If you are buying a property with another person, you will be asked whether you want to be joint tenants or tenants in common. You will need to choose which you would like to be depending on your individual circumstances.
How can we help?
Declaration of Trust Solicitors
Typically, you will be listed as joint tenants. This means that if one of you were to die, the other one will inherit the property outright.
If you’d rather your share of the property went to family, or if you are contributing different sums of money, you can opt to be tenants in common and have a Deed of Trust created to protect your individual shares.
Who is a Declaration of Trust for?
A Declaration of Trust can be used by couples, friends or family members who are buying property together.
It is especially important to consider a Declaration of Trust if you are investing different amounts of money into the property. When it comes to selling, you will each receive a fair share of the proceeds.
Why do I need a Declaration of Trust?
The key reason to set up a Declaration of Trust is that it provides peace of mind and protects your share of the investment. If later the relationship breaks down or a dispute erupts over who owns what share, without a Declaration of Trust there would be nothing to stop either party starting a legal battle.
Why GL Law?
We provide tailored Declarations of Trust to clients every day. Our knowledge and experience ensure a professionally drawn up, legally binding agreement.
There are points during a property transaction that will require you to meet with your conveyancer or property lawyer. We understand that this isn’t always practical or the preferred method of communication for our clients, so we offer a contactless service without compromising on personal service.