If you are buying a Property with another person you will need to think about what your respective shares will be in the Property and what will happen if things change, for example one of you dies or wants their money out.
A Declaration of Trust may be the answer.
This may depend upon your respective financial contributions to the purchase of the property and the associated costs .
If there is a significant imbalance then a Declaration of Trust may be the best thing for you. It would deal with the following items :-
The Declaration of Trust would be the point of reference in connection with any questions as to your respective financial interests in the property either when considering any future sale or indeed if there was a dispute as to the position.
We are accredited with the Law Society's Conveyancing Quality Scheme - the mark of excellence for the home buying process.
We underwent rigorous assessment in order to secure CQS status and continue to do so to maintain it .This marks the firm out as meeting high standards in the residential conveyancing process.
The Law Society introduced CQS to promote high standards in the home buying process. A spokesperson said
"CQS has established itself as the quality mark of the home-buying sector and enables consumers to identify practices that provide a quality residential conveyancing service. With so many different conveyancing service providers out there CQS helps home-buyers and sellers seek out those that can provide a safe and efficient level of service."
Chartered Legal Executive and Associate
CILEX Conveyancing Practitioner
Joint Head of HomeMove