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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Client Testimonials
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
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
“Just a very quick, but nonetheless very sincere and heart-felt thanks on behalf of J and myself for your highly professional and sympathetic help in the house sale/purchase saga – you certainly saved our respective sanities on several occasions when your wise words proved to be the right course of action.”
Mr T
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 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
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
“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
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
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.
SH
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
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
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
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