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Declaration of Trust

DECLARATION OF TRUST

When there is property joint ownership, a residential conveyancing solicitor such as George Ide LLP, should be consulted in order to draw up a deed known as a declaration of trust so that it is clear where financial and legal responsibilities lie.

With the cost of buying a home being so high, especially in Chichester and other areas of West Sussex, putting down a deposit and making a regular mortgage payment is beyond the budgets of many individuals, but may be possible if another person or people have a stake in the property.

The joint ownership of a home can be between an unmarried couple, family members, friends or business acquaintances, so the document should state who has made financial or other contributions when the property has been bought and what will happen if one of the parties wishes to withdraw from the agreement or dies.

As well as the percentage value of the home to which each person is entitled, a declaration of trust should also set out how outgoings for the ownership will be met: mortgage, repairs, insurance etc.

It may also be useful for a declaration of trust to be drawn up if someone, such as a parent, puts money into a property – paying for the mortgage directly or indirectly, financing an extension etc, – in order to make their involvement clear.

George Ide LLP’s professional residential conveyancing team is part of a comprehensive legal practice so that if issues relating to other aspects of the law arise as a result of a client’s home ownership, advice will be available from another of our experts.

Buying your own home is a major commitment but with George Ide on your side you can be sure your interests will be protected.

For more information about declaration of trusts and other residential conveyancing services for private clients, please contact George Ide’s office in Chichester. Alternatively to contact a member of the team please use the solicitor profiles on this page.

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Contact Our Team

For further information about any of our services or to book a no-obligation consultation, call us on 01243 786668 or email directly at info@georgeide.co.uk.

Nicholas Smith | Partner

Head of Residential Property

01243 813535 nicholas.smith@georgeide.co.uk

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A friendly, helpful and competent service close to home and we felt welcome, relaxed and confident in their hands. Thank you all.

Egon & Pamela Frey

Nicholas Smith

The speed from offer to completion surprised everyone we spoke to and more than met our deadline to beat the June Stamp Duty deadline. Well done, absolutely delighted.

John Middleditch

Nicholas Smith

I would like to take the opportunity to thank you and your team for your friendly and efficient manner when carrying out the conveyancing of my late Grandmothers property. Other than the delays caused by our buyers it went very smoothly and I am grateful to you for pushing it through so quickly once their issues had been resolved and have pleasure to attach our client satisfaction questionnaire. Kind regards

Jon Sargent

Nicholas Smith

“Dear Nicholas,
It is so nice to have dealings with a straightforward and honest firm, it is so refreshing. You have shown consideration and care in my affairs.”

PR.

Nicholas Smith

Nick, Sally and Maddie were excellent throughout the whole process. We are very happy with the service they provided.

Nichola Swan and Graham Cropley

Nicholas Smith

Excellent service again – even better than last time. I was particularly impressed and grateful for the very speedy email communications; they were always prompt but also importantly, they were succinct. I was also pleased at the help given in distilling the important considerations and that Nick identified a major issue with the title very early on in the process.

Mike Smith

Nicholas Smith

We want to say a very big thank you to both of you for all your help in our house moves. We have been very impressed with your highly efficient, no fuss approach to the conveyancing. It has made the whole process so much easier for us and we would have no hesitation recommending your services to others.
Best wishes and thank you once again.

Tony &Joanne Heys

Nicholas Smith

Nicholas Smith was highly professional, focused and responsive. He worked to a very tight timetable to
complete the purchase of our house and I would strongly recommend him to prospective clients

Robert & Nathalie Forman

Nicholas Smith

Thank you so much Nicholas for the brilliant service you have given is throughout the selling and buying of our properties. You, and Maddie, have been exceptional.

Mr and Mrs Holder

Nicholas Smith

Nick, Maddie and Sally were absolutely brilliant. Very approachable, efficient and worked very hard to get our matter completed very quickly. Will definitely recommend to friends/family. Thank you to all so much again.

Jonathan Kerr Crow

Nicholas Smith

Nick was at the very top of his game (again). If there is a better lawyer out there, I’ve yet to meet him. A giant amongst men. Respect.

Pete Cunningham

Nicholas Smith

Just a note to thank you both very much for your help during the sale of Betty’s apartment. I was pretty stressed about it all, especially after the first sale fell through. But your kindness and efficient follow-up on everything really helped me. I have total confidence in your services and would not hesitate to work with you again. Very best wishes.

Sandy

Nicholas Smith