What is a Declaration of Trust?

This is a legal document recording who the beneficial owners of a property are and in what proportions.

If you purchase a property with your partner you may each contribute a different sum and as such may agree it is fair for the partner contributing more financially to receive more in the event of separation or a sale of the property.  If you move into a property which your partner already owns you may agree that you should have an interest particularly if you are going to be contributing financially and/or bringing up a family there.  It is important to consider these things and agree and understand from the outset how the proceeds of the property will be divided when it is sold.

Declarations of Trust can provide clarity and fairness.

It is important to protect your financial interest in a jointly owned property at the time you purchase it or your interest in a solely owned property when you move in or before you put money into it.  Otherwise if the relationship breaks down you may find you do not have a claim or if you do have a claim pursuing the same can be costly and take time.

Our family law solicitors offer an initial free consultation, which you can book by emailing us at family@mincoffs.co.uk, or call our expert team on 0191 281 6151 today.