Understanding Property Ownership.
When two or more people own property together, the legal estate must be held as joint tenants. However, the beneficial (equitable) interest – the actual value of the property – can be held either as joint tenants or tenants in common.
If you’re joint tenants, each of you owns the whole property equally, and your share automatically passes to the other on death. If you’re tenants in common, each person has a distinct share, which can be unequal and passed to your chosen beneficiaries via a Will. Declarations of Trust are essential for tenants in common, as they set out the exact ownership split and ensure clarity around who owns what.
If you currently hold the property as joint tenants, it’s simple to change to tenants in common, allowing for a Declaration of Trust to reflect your respective interests, particularly where contributions differ.
Tailored Declarations for Your Needs.
A Declaration of Trust is a vital document that sets out how the beneficial interest in a property is held. It can reflect current contributions – for example, a 50:50 or 60:40 split – or be more flexible to adapt to future changes, such as promotions, inheritances, or changing mortgage contributions.
A “floating” Declaration of Trust is recommended where contributions differ over time. These bespoke agreements account for changing input and provide a fair and adaptable structure.
At Vault, our expert solicitors also include Pre-Emption Rights clauses. These outline what happens if one party wishes to sell their share, including valuation processes, timescales, and dispute resolution. Whether you’re purchasing with a partner, family member, or friend, a well-drafted Declaration of Trust ensures your investment is protected and your intentions are clearly documented.
THE BEST IN THE BUSINESS.
Our solicitors create bespoke Declarations of Trust, tailored to your unique circumstances and long-term plans.
Russell Kaminski
Partner and Head of Private Client
Lucy Cresswell
Associate
Alison Rocca
Partner
Jason Stanley
Partner
Holly Greensmith
Solicitor
Matt Fleetwood
Group Chief Executive & Founder
Mark Dawson
Group Managing Director
Amanda McAlister
Head of Group Consumer Brands
Because We Are Here To Help You
Protect your share in a property with a clear, future-proof Declaration of Trust tailored to you.
“Russell is a top-quality and professional lawyer, and it is a pleasure to work with him.”
PROBATE CLIENT
