Declarations of Trust and Why You Might Need One

by Rachael Kaluza, Director and Licensed Conveyancer at Michael J Wey & Co

Buying a property is a significant financial commitment. So, when you purchase a house with someone else, you might wonder how to protect your investment. A Declaration of Trust could be the solution. It’s a bespoke legal document that can cover almost anything you wish, typically recording each party’s financial contributions towards the property, their respective shares in the house, responsibilities for outgoings (such as bills, mortgage payments, etc.), and crucially, the agreed upon division of proceeds if the property is sold.

A Declaration of Trust might be advisable if:

• You and your partner are not married.

• One party is contributing more towards the property than the other.

• You are purchasing with a friend or multiple individuals.

• You wish to safeguard a gifted deposit from a parent.

While we recommend having a Declaration of Trust drafted at the time of purchasing your house, it’s never too late to create one, even years later. They can also be amended to reflect changes in circumstances with a supplementary Declaration of Trust.

As each situation is unique, each document is different. However, we can accurately record your financial contributions and those of your co-owner to the property, along with any other relevant details, providing reassurance that your investment is safeguarded and helping to prevent disputes in the future.

For further information on Declarations of Trust or any other residential property matter, please contact Michael J. Wey & Co.
on 01483 426406 or visit
www.mjwey.co.uk.

 

 

 

^{Disclaimer: This post is a paid advertorial in collaboration with MoveTo.co.uk The views and opinions expressed in the linked article are those of the author and do not necessarily reflect the official policy or position of MoveTo.co.uk. #Ad #PaidPartnership #SponsoredContent}

 

 

Read next;

TOP 4 THINGS TO THINK ABOUT BEFORE SELLING YOUR HOUSE