The purpose of a Declaration of Trust, also known as a Deed of Trust, is to record and define the rights and obligations of each co-owner of the property and how the property is to be dealt with in certain circumstances, death or relationship breakdown for example.
Declarations of Trust can be simple or more complex to cover issues such as responsibility for mortgage payments, improvements and repairs.
How our Declaration of Trust solicitors can help
We consider in detail the objectives of the co-owners and work to refine those objectives into a written document capable of binding the parties to it. There are many issues to consider depending on your personal circumstances and our team of solicitors and legal experts can raise these issues with you, issues that perhaps you haven’t even thought of.
Who do we help
- We help those investing different amounts into a property.
- We help those cohabiting to define the rights and obligations of each individual co-owner.
- We help those wishing to secure their investment in the property and provide a mechanism for dealing with the property if a relationship were to fail.
How does a Declaration of Trust/Deed of Trust work?
The first step is a conversation or meeting with you to discuss your ideas. Using our knowledge and experience, we advise and direct you to a few simple options. Once objectives are agreed, we draft a Declaration of Trust and liaise with you to refine it until it accords with your wishes. We provide detailed advice before finalising the documents. Sometimes, it may be necessary for the parties to be independently advised.
How long does it take to do a Declaration of Trust?
Depending on the scope and depth of your objectives and your personal circumstances, the meeting, advice, drafting and execution phases can be completed in a few weeks. We can give you time estimates at the time of clarifying your instructions.