Declaration of Trust
Rogers & Norton can help you draw up a Declarations of Trust, this will agree the proportions in which you own a property and the rights and responsibilities you have in relation to it. A Declaration of Trust will help to avoid problems in the future, if one of the parties dies, there is a dispute, or when the property is sold.
For a fixed fee of £60.00 you can spend up to an hour discussing the implications of how marriage or cohabitation will affect your shares and rights in the property should your circumstances change in the future, or if you want to secure your stake in the property.
Declarations of Trust are essential when:
Acquiring a home or other property with someone else, particularly with someone other than your spouse
Your capital contributions are unequal
You plan to marry in the future
Contributing to the purchase or improvement of a property in somebody else’s name
An accurately and correctly drawn Declaration of Trust can also help to avoid any issues you may have with Capital Gains Tax in future, if you are investing in property with others.
This agreement is a much more detailed document than a Declaration of Trust and can govern how the property is occupied, paid for and disposed of in the future. It can also include arrangements in the event that separation occurs after the birth of any children, who have a significant impact on occupation and sale of the family home.