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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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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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Client Testimonials

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

You have been a pleasure to deal with and have been so competent, patient, organised and professional. I still cannot believe how stress-free the whole procedure was with you. In stark contrast, I completed today on my house in N Ireland after five (!) months of legal wrangling. I am delighted with the house and, although still surrounded by packing boxes, am making progress. Once again. Thank you for all you did. Kind regards,

Elaine Young

Nicholas Smith

We just wanted to take the time as well to say a personal thanks to the pair of you for your excellent service and support during our move. We had used you before but, like many people, we were tempted to go this time with one of the low cost on line conveyancing quotes we received. Had we done so we are now sure we would have regretted it as we feel that the exemplary service we got from yourselves was true value for money. In particular, towards the end of the process when we had to deal with a very demanding buyer for our house we felt very well supported by you not just in the technical elements of your service but also in the responsiveness and personal support we received. We have heard numerous stories from friends and colleagues of how they have struggled with conveyancing services during property transactions and have enjoyed telling people what a positive experience we had with George Ide.

Jeremy & Nicky Mills

Nicholas Smith

Nick was always very quick to respond to any queries and made the whole process a lot less stressful, especially as it was my first property purchase. Guidance documentation was very helpful too. I can’t fault the service.

Teresa Durrant

Nicholas Smith

Nick, Sally, Maddie & Lara, I just wanted to thank you for the excellent service that you all provided in the recent sale and purchase of our home. You made a stressful process a great deal easier, with your prompt responses, ready availability and sound advice. We are very grateful and would recommend you to others. I will complete your feedback form, but just wanted to email my thanks to you directly. Best regards

Richard Clay

Nicholas Smith

It is hard to improve on an existing, excellent service and I have no suggestions to make. I will definitely recommend you and would use your services again.

Mr. Philip Oliver

Nicholas Smith

Thank you very much for facilitating the sale of my house in Solva despite all the difficulties of me being in Portugal at the start, and the tardiness of the other solicitors.

It is great that all is completed and I am grateful for your cheerful help.

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

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

For the sale and purchase of our properties we found the service we received throughout the conveyance to be exemplary. A clear, efficient and professional service from Nicholas Smith and his team.

I would look no further for any future property conveyance and as a result of this experience with George Ide I will consider them, first and foremost, for future legal matters.

Ian & Susan Archer

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

Many thanks again for your work and support on the sale of my flat in Putney – as per my previous experiences on sale/purchasing properties with your help, you give conveyancing lawyers a good name! Very efficient, prompt and pragmatic plus you know what to advise/caution me on without overdoing it. After the dust has settled I will be looking for an investment property to buy so no doubt will be back in touch in due course. Enjoy the rest of the summer and thanks again.

Katherine Marshall

Nicholas Smith