Property Ownership Trusts
Property Ownership Trusts protect the interests of those who contribute to the cost of purchasing a property.
Declarations of trust often relate to the purchase of freehold or leasehold property. If the property is bought in one person’s name, the declaration will help to protect another person who has contributed towards the purchase and may want to recoup that contribution on sale. If the property is bought in more than one name, the declaration will set out the required division of any net proceeds of sale between the parties (usually in unequal shares). The declaration will be recorded at the Land Registry by reason of the entry of a Restriction against the relevant title. The Restriction will let a purchaser know that the arrangement exists.
Declarations of trust are strongly advised where an unmarried couple purchase a property jointly, but are contributing to the purchase price in unequal shares.
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