Frequently, one party will have more savings to put towards the deposit than the others. If, at a later date, you decide to sell the property you may wish to ensure the difference in the amount invested into the property is protected and reflected in the division of the sale proceeds. This can be achieved quite simply with the creation of a Declaration of Trust.
This document will set out the amount that each owner contributed towards the property price on completion and will state that on the sale of the property, you will each receive an equivalent amount back with the remaining sale proceeds being divided equally between all parties.
If you decide this is something that applies to you, just let us know once you’ve instructed us and we’ll be happy to draft the necessary deed.
We are your local property solicitors offering legal services in Market Drayton, and surrounding towns (inc Loggerheads, Hinstock, Audlem, Adderley, Nantwich, Crewe, Telford, Cheswardine, and Shrewsbury).
For further details of our property law service please email our friendly team at Alison@onionsanddavies.co.uk or call 01630 652405
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