Declarations Of Trust
A Declaration of Trust is usually used when two or more people purchase a property together but they or a third party have provided different sums towards the purchase price. For example, a parent might give their child the deposit towards the purchase of their first home, but wish to safeguard their investment in the event that the property is sold.
A Declaration of Trust is recommended when:
- A property is purchased by two or more people who want to agree now how future sale proceeds are to be divided;
- A property is held in the sole name of one person but someone else has contributed towards the purchase price;
- A property is held by one person in their sole name but it has been purchased for two people to live in as their joint property and both contribute towards the mortgage;
- A former matrimonial home, which was originally purchased by a husband and wife in joint names, but following divorce the husband is to be solely responsible for payment of the mortgage until it is sold;
- A property is in the sole name of one party but the other contributes towards its improvement or enlargement.
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