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What is a Deed of Trust?
A Deed of Trust or Declaration of Trust is a legally binding document drawn up by a Solicitor stating the division of ownership of a property and what should happen with the money in the future.
If you are buying a property with someone it will be in your best interest to get a Deed of Trust to protect the money you invested in the property.
During the process of buying a property as a joint owner, we will ask you what position you wish to hold regarding the beneficial interests.
Joint Tenants
Joint ownership is a common way that between two and four people can own a property together. All co-owners are legally considered one owner, and have equal rights to the property.
Tenants in Common
Typically, tenants in common are two or more people who purchase a property together. However, they own separate shares in the property, which are not necessarily equal.
To avoid a dispute at a later date, when you buy a house or flat jointly you should clarify who owns what, since each person contributes a different amount. This is when a deed of Trust is essential.
Typically, a Declaration of Trust would include one or more of the following:
- Confirmation of the initial deposits contributed by both parties.
- The percentage of the equity to be repaid to each party if the property is sold
- A confirmation of the parties’ respective contributions to the mortgage, maintenance of the property, and any other bills, such as utilities or council taxes
- If the property is a buy to let, the details confirming to whom the rental income will be paid
- An unlisted third party, such as a relative, who has invested money and still wants to protect their investment
Why choose Laker Legal to draw up a Deed of Trust.
We are accredited by Lexcel and CQS (Conveyancing Quality Scheme) and SRA regulated, so you know you’re in safe hands.
Our fixed fee service makes sure that the legal fee you are quoted for your Deed of Trust is exactly what you pay, with no hidden costs.
If you would like further information about Deeds of Trust then contact us and we will be happy to help.
