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When you are purchasing a property with a partner there are often different capital sums involved. In addition there may be third parties such as parents, contributing financially to the purchase. It is sensible and sometimes necessary to document the precise ownership between the parties and this is best recorded in a formal Declaration of Trust.
The team at Rowlinsons have a wealth of knowledge when it comes to preparing Declarations of Trust and the key points for consideration are as follows:
• The proportions in which the property is to be owned
• If the shares in the property are to reflect financial contributions and how these are to be assessed
• Responsibility for repair maintenance and insurance
• Who can live in the house
• Who decides when the property is to be sold
• A right for one party to buy the share of the other at current market value, how this right can be invoked and how the market value is to be decided
• What will happen if the property falls into negative equity
If you are purchasing a property and have any queries regarding the above or wish to put a declaration of trust in place please do not hesitate to contact us on 01928 735333 or click here for a call back.