Agreements regarding property are always going to be significant and important to the parties involved. There may be lots of decisions to be made regarding ownership and intention, both immediately and for the future. So, recording these decisions properly is vital. A declaration of trust will allow you to do just that.
What is a declaration of trust?
A declaration of trust is a legal tool by which the interests of multiple parties can be protected in relation to a property. Oratto member lawyers from our residential conveyancing sphere will be able to guide you expertly through what a declaration could do for you.
Why might a trust be needed?>
Having a declaration of trust drawn up provides clarity and certainty for all parties involved. It can set out who has what level of share in a property and what would happen in the event of any changes to the property, or how it is held.
If you cannot, or simply don't want to, register the true nature of ownership of the property with the land registry, a declaration of trust can be constructed which will do this for you instead. This is usually done by assessing the contributions which have been made by each party to the property. Advice from your Oratto member lawyer will also help you to set out what each party can expect in the event of any changes. For example:
- sale of the property
- financial adjustments to the mortgage
- home improvements or repairs
Getting it right with Oratto member lawyers
If you think that a declaration of trust might be just what you need, don't hesitate to contact an Oratto member solicitor today.
They will be able to help you draft out a declaration which does exactly what you want it to.
Oratto member lawyers - right where you need them