When you own a property with another or there are beneficial interests in a property, a declaration of trust amongst other things, will set out your respective shares in a property.
Unfortunately relationships can breakdown and no one can predict the future – circumstances you hadn’t previously ever envisaged can arise. Without a declaration of trust in place, you will have to apply to the courts to fight for your entitlement and this can be extremely time consuming and expensive.
A declaration of trust can be as complex or simple as you wish and can include provisions such as:
- Respective beneficial shares
- When a property can be sold
- How to market a property
- How to apply sale proceeds
- Restrictive covenants
- Rights to occupy
- Registration of restrictions at land registry
Having a declaration of trust in place will provide peace of mind and security to all parties involved. If ever required, you will have a safety net upon which you can rely on.
Please contact us today to safeguard your position for the future.