Looking for a Declaration of Trust solicitor in Peterborough that you can trust? Then you have come to the right place. We have a team of specialist residential conveyancers, that are experienced in Declaration of Trust. Here we look at what a Declaration of Trust is, why you need one and how our residential conveyancing solicitors can help.
A Declaration of Trust is a legal document that records the financial and other arrangements between joint property owners. It also records details of any other party that has a financial interest in the property. The legal document is made at the time of the property purchase. Once the document is in place, all parties know where they stand with regards to the property and what will happen if one party chooses to buy the other party out.
By having this contract in place, you are removing any uncertainty around the financial input into the property by each person. This is done at the beginning of the property journey to avoid the risk of potential disagreements and to provide clarity for all parties. It is a legally binding agreement, those involved must honour the terms of the trust.
If you are buying a property with someone else, as joint owners, a Declaration of Trust can be very useful. It is also recommended if you are buying a property with the financial help from someone else. This is often the case for first-time buyers that are getting financial support from family for the deposit on a property, where the deposit is not a gift.
It is also becoming more common for people to buy a house with their partner before they are married. Siblings and friends will sometimes purchase a property together too. This is known as buying property as joint tenants. By having a Declaration of Trust in place you can clearly set out the financial contributions of both parties. This will then state what each person will receive when the property is sold in the future.
The decision of what to include in the Declaration of Trust is the decision of the purchasers. Our specialist Declaration of Trust residential conveyancing solicitors are here to ensure the financial interests of all parties are protected. This is something we can advise and offer guidance on when purchasing a property.
Buying a new home is exciting. Our residential conveyancers are here to ensure that the house buying process runs as smoothly as possible, and that you are protected. Call our Declaration of Trust lawyers in Peterborough now to find out more.