Declaration of Trust

[smileyhappy]

Can anyone explain how this works (I hope I am calling it the right thing!). My boyfriend and I bought a house together last year off-plan and it has just been finished. We want to sign up a declaration of trust to be on the safe side - what happens if we have so far both paid off equal amounts for it, but in the future one of us might be paying more (or less) than the other? And how does furniture and other home assets etc all get worked out? Thanks!

[Octavius]

Your solicitor will be able to draw up the DoT document that will set out each person's share of the property and the procedures for selling if one partner decides s/he wants to sell while the other does not.  Also details of how the proceeds of sale would be divided if the property was sold can be pre-determined. Such a document is usually called a 'Trust Deed' or a 'Declaration of Trust'.

The Declaration of Trust can be tailored as appropriate to your circumstance, i.e. you can determine what should happen, provideed you both agree and sign up to it.  If you own a proprety (or share in it ) you should also consider getting a will.

Some information here:

http://questbrook.co.uk/trust.htm

http://www.oneplusone.org.uk/marriedornot/PropertyBuying.htm