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 manner in which the property is owned. This will provide clarity and avoid arguments in this respect should a relationship deteriorate. This is crucial given that a home is often the most valuable asset a person will own.
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.
We have previously acted successfully in negligence claims against solicitors who failed to advise their clients of the need for a Deed of Trust.
We can normally prepare a Deed of Trust for £350 plus VAT.
Our Residential Property Team