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.George Ide LLP. We're on your side
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
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
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.
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
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
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 regardsRichard Clay
An outstanding week – thanks for the speed and efficiency on the two deals you’ve acted on. I just wish all solicitors were as proactive as you.
It doesn’t get much better than this.
Nick, Sally and Maddie were excellent throughout the whole process. We are very happy with the service they provided.Nichola Swan and Graham Cropley
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.”
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
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 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
Contact Our Friendly Legal Experts Today
For general enquiries or to discuss more specific needs in personal or commercial law please get in touch with a friendly member of our team today.
52 North Street,
West Sussex, PO19 1NQ
61a North Street,
West Sussex, PO19 1NB
St Mary’s Chambers,
59 Quarry Street,
Guildford, Surrey, GU1 3UA
1 Hinde Street,
London, W1U 2AY
Also at 44 North St, Chichester, PO19 1NF Contact Us