Make Your Document In 3 Easy Steps:
Other Names:
Deed of trust
Tenants in common agreement
Co-ownership agreement
What is a Declaration of Trust?
Declarations of Trust make an express declaration that a property’s co-owners hold the property on trust for themselves and specify the proportions in which they own it. A Declaration of Trust is based on co-owners contributions to the deposit, mortgage, and ongoing maintenance costs.
For use in England and Wales only.
For use in England and Wales only.
When should I use a Declaration of Trust?
Use this Declaration of Trust:
- when multiple people are purchasing a freehold or a leasehold property (eg a house or flat) together
- if all of the purchasers wish to declare their equitable (ie beneficial) shares in the property’s ownership, which are in the same proportions as those by which they contributed to the purchase price
- if the owners also want to confirm how they will all contribute to mortgage payments, and maintenance costs for the property
- when purchasing property in England or Wales only