Estate Planning

Declaration of Trust Tenants in Common

IWC can draft a declaration of trust tenants in common to protect both parties interest in a property.  A declaration or deed of trust is a simple way to hold a property fairly as tenants in common.  It is totally flexible and can be adapted to fit any situation, such as in cases where couples each own a different percentage.

Alternatively, you can follow the link if you`re looking for information about inheritance tax tenants in common.

Co-Habiting Couples

It is wise for co-habiting couples to make one when they first move in together.  It is a legally binding document that outlines the agreement made between a couple who live together but are not married.

Too many couples rely on the `common law spouse` myth and think they`ll be protected if anything happens.  The reality is that an unmarried couple only have rights when they buy a home together if they have a legal agreement drawn up.  The worst case scenario is when the partner who`s registered as the owner dies; the surviving partner has no legal right whatsoever.

If you`re concerned, call us free on 0800 612 6105, we`re open until 10pm, 7 days a week.

What Information will it contain?

It can cover every possible eventuality, from what will happen in the event of death to who will be liable to pay property maintenance charges.  In the event that the couple decide to separate the agreement will detail how the property will be split.  This is normally agreed in two ways or a combination of both:

Each party has a percentage share and that if the property was sold then the money would be divided in that way.

One party is entitled to a fixed sum out of the sale, the balance being payable to the other owner.  One partner has either the benefit/risk of a rise or fall in value, whilst the other person receives a fixed amount, irrespectively.

IWC can draft your declaration of trust tenants in common to be as simple or as complex as you wish.  Here are some general points that are covered:

  • How much deposit each partner has contributed
  • The percentage of the mortgage that each person pays
  • How other expenses will be paid such as insurance, repairs and maintenance
  • How will equity/negative equity be split when the property is sold
  • What happens if one party wants to sell and the other doesn`t
  • A right of pre-emption so that if one party wished to sell the property the other would have the right to buy that persons share at market value.
  • What happens to the property in the event one of you dies
  • How will you handle other changes in circumstances such as if one party loses their job

With regret, we are unable to publish our prices for deed of trust tenants in common as there are so many different variations. IWC can promise to draft your declaration of trust for a low cost fixed fee. Reduce the risk of buying a property with someone else and protect your interest.  If you`re concerned about cohabitation, joint ownership or equity; call now for a free quote on 0800 612 6105.

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