Securing Your Home With A Declaration Of Trust22nd Oct 2013
Moving in together and buying a property is a big commitment – both financial and emotional.
It can be complicated. Particularly if either or both of you have children from previous relationships.
If you hold a property together as joint tenants and one of you dies, the property passes in full to the other person. Your children do not get a share – even if mentioned in your will.
One way around the problem is a Declaration of Trust, a binding legal agreement that confirms who owns what when you pool your resources to buy a property.
Our Poole and Bournemouth solicitors receive a lot of enquiries about Declarations of Trust.
These documents are particularly useful if you are planning to invest different amounts when you join forces to buy property. You can safeguard your percentage share of the property.
Declarations of Trust can also help to clarify matters if the percentage varies over time – for instance, if one partner pays a lump sum into the property while the other covers the monthly mortgage.
We all know that moving home can be one of life’s most stressful experiences – especially when prices are rising as they are again now.
So get some expert help. Our Bournemouth and Poole conveyancing solicitors can make moving so much easier.
Phone or email Coles Miller today and let us take the pressure off you.