If you are buying a property with a partner or a friend, and particularly if you are contributing towards the purchase price in unequal shares, we would recommend that you instruct solicitors to prepare a Deed of Trust (also known as a Trust Deed) on your behalf. This will then protect your share in the property and record your rights and responsibilities towards it.
We are able to prepare a straightforward Deed of Trust which will detail the rights of every person with an interest in the property and the percentages in which the property is owend. This will provide clarity and avoid any arguments should a relationship deteriorate or if the position is challenged at a later stage. This is crucial given that a home is often the most valuable asset a person owns. Our solicitors act for clients across England and Wales and it is usually simple to advise the client and prepare the necessary Deed of Trust without the client(s) having to arrange a face to face meeting with the lawyer.
Sometimes the title deeds do not tell the whole story about who holds an interest in the property. For example, someone other than the person named as an owner on the title deeds may have a property interest - it is often the case that first time buyers use funds obtained from parents to assist with their purchase and this is usually by way of a gift.
Any property gifted to a child will need to be held on trust for that child until he at least attains 18 years of age.
We have previously acted in claims against solicitors who failed to advise their clients of the need for a Deed of Trust.