What is a Declaration of Trust?
A Declaration of Trust, also know as a Deed of Trust, is a legal document that records the financial arrangement between co-owners of a property. It states who the owners are, how much of the property they each own and how much they should each contribute to the mortgage repayments and other costs. The document is created by a legal expert and registered with the government’s Land Registry so that it can be called upon in future, for example in case of a financial dispute involving the property.
How do I get a Declaration of Trust?
… Protect Your Property Investment in 3 Easy Steps
Provide A Few Simple DetailsTell us about your circumstances and our pre-screened solicitors covering your area will then compete for your business.
Arrange a Phone ConsultationSpeak to one of our regulated solicitors. They’ll talk you through the process step-by-step, explaining every detail as they go to ensure you know exactly what’s involved.
Get Protected!Your solicitor can then prepare the documentation, and once it’s signed, register it with HM Land Registry on your behalf. From that moment, the financial details of your co-owned property will be officially recorded, giving you and your co-owners valuable peace of mind.
Why do I need a Declaration of Trust?
If you already own property, or are planning to buy one with someone else, it is highly recommended you have a Declaration of Trust registered. By officially recording the details of your financial arrangement you can help avoid the prospect of possible future legal disputes.
While the arrangements of married couples and civil partners who own a property together are usually protected in law, those laws assume equal ownership of the property and responsibility for costs. In the real world, this assumption is not necessarily true, and a Declaration of Trust makes a great deal of sense.
What happens if I don’t have a Declaration of Trust?
It’s not a legal obligation to have a Declaration of Trust, but it is advisable. Let’s say, for argument’s sake, you and your partner, or a friend, buy a house together but later decide to go your separate ways, and so sell the property. If you don’t have a Declaration of Trust registered, it will be much harder to prove exactly how much of the value of the property each of you are entitled to, or to settle any costs you may have incurred over the years. If you can’t agree on this, you could end up going to court to settle it.
Put it this way, you could pay a little now for a Declaration of Trust, or it could cost you thousands of pounds in legal fees later.
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