Declarations of Trust

If a property is purchased in joint names, this can either be held on a joint tenancy or on a tenancy in common. If the property is held on a joint tenancy, the owners do not have distinct shares and the property would automatically pass to the survivor.

If you are making unequal contributions to the purchase price, the mortgage repayments or work to the property and you want these to be recognised on the eventual sale or would not want your share of the property to pass to the other joint owner, you will need to hold the property as tenants in common. Each owner would then own a distinct share in the property. It would then also be advisable to prepare a declaration of trust. This document will outline your respective interests in the property and protect any initial or future contributions to the property.

The declaration will only be relied upon in the event that the owners cannot agree on their interests if the property is sold in the future and the terms can be varied if the situation changes. It is not a public document and does not need to be disclosed to the Land Registry. However, if the land is registered it is possible to enter a restriction with the Land Registry.

City office

Ronald Fletcher Baker LLP
326 Old Street
London EC1V 9DR

Telephone
020 7613 1402

Fax
020 7613 2711  

 

West End office

Ronald Fletcher Baker LLP
77A Baker Street
London W1U 6RF
DX: 42722 Oxford Circus North

Telephone
020 7467 5757

Fax
020 7467 5758

Manchester office

Ronald Fletcher Baker LLP
111 Piccadilly
Manchester M1 2HY

DX: 6967003 Manchester 94 M

Telephone
0161 694 4404

Fax
0161 638 0930

Istanbul Office

Ronald Fletcher Baker Danismanlik Hizmetleri Avukatlik Ortakligi
Hakki Yeten Caddesii
Selenium Plaza, No:10 C
K:16, Fulya Sokak
Sisli, Istanbul.

Telephone
07736 364222

Emergency number

07538 490647

Ronald Fletcher Baker LLP is authorised and regulated by the Solicitors Regulation Authority. Company number OC345891

City office ID 512598
West End office ID 523362.
Manchester office ID 630156

V.A.T. registration number: 2206798 63VAT

"Partner" denotes a senior member of the LLP or an employee with the equivalent standing.

PII cover - QBE Insurance (Europe) Limited. For further details please contact Rakeebah Rahim

Solicitors Regulation Authority Standards and Regulations

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