Declaration of trust
The short answer
Record who owns what share
- Price from
- £500.00
- Time on site
- 1 to 2 hours (consultation)
What you get
You receive a bespoke, legally drafted Declaration of Trust that clearly outlines each party's financial contributions and beneficial ownership of a property.
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When do you need a Declaration of trust?
You need a Declaration of Trust when buying a property with someone else, and your financial contributions or desired ownership split do not match the legal title. It is crucial for unmarried couples, joint investors, or parents helping children to buy a home.
What happens on the day
On the day of signing, all parties involved will review and sign the Declaration of Trust in the presence of a witness. This makes the document legally binding and formalises your agreement.
How to prepare
- List all individuals who will be party to the Declaration.
- Detail each person's financial contribution to the property purchase.
- Outline any agreed-upon unequal shares of ownership.
- Consider how mortgage repayments will be split.
- Think about what should happen if one party wants to sell or move out.
How to improve your result
- Be open and honest with all parties about financial contributions.
- Discuss potential future scenarios (e.g. one party wants to sell) before drafting.
- Ensure all parties understand the legal implications of the document.
- Review the draft carefully before signing to confirm it meets your agreement.
Why it is useful day to day
Provides peace of mind and clarity about property ownership, preventing disputes and protecting individual investments in shared properties. It's a foundational document for joint owners.
Why we ask these questions
We ask about who is buying the property, their individual contributions (deposit, mortgage, renovation costs), and how they wish to split equity, capital gains, or rental income. This ensures the Declaration accurately reflects your financial agreement.
Frequently asked questions
Often needed alongside
Transfer of equity
Add or remove an owner
Conveyancing: Purchase
Legal work to buy a property
Stamp duty advice
SDLT calculation and reliefs
- Fixed price
Valuation
Market, probate or lending valuation
Legal indemnity & title insurance
Covers missing consents and title defects
Remortgage legal work
Legal work when switching lender