Declaration of Trust Deed | Solicitors Bournemouth Poole Dorset

Joint Tenants

This means that you hold the property as if you are one person. In the event of the death of either of you, the property passes entirely to the survivor leaving them free to do what they want with it.

Before deciding that this is the best option for you, you should consider your circumstances carefully. If either of you has a child from a previous relationship, you may want your share of the property to reach that child.

If you hold as joint tenants and are the first to die, your share of the property would automatically pass to your co-owner and if they subsequently fall out with your child then (even if the child had until your death appeared in their will), this can be changed – leaving your child without any interest in the property.

Tenants In Common

You may wish to consider holding property as tenants In common. This can be in equal shares (ie 50:50) or in unequal shares.

If you hold as tenants In common in equal shares then on the death of either one of you, your 50% share in the property will pass in accordance with your will – assuming you have made a will of course – or in accordance with the Laws of Intestacy where no will has been made.

This could lead to a sale being forced to release the 50% share of the equity of the property and the survivor being made homeless in consequence so it is important to make a will to ensure that the survivor has the ability to remain in the property for as long as they live should they so wish.

There may be times when you decide that a simple 50:50 ownership of your property is not appropriate and you would like to hold your property in unequal shares.

Declaration of Trust

There may be tax planning and or inheritance issues which would mean that instead of holding the property together under either of the above arrangements, a Declaration of Trust would be better for you.

You may also want to declare that a third party who is not on the title deeds at all has a financial interest in the property and again this would mean holding a Declaration of Trust to show the third party’s interest in the property.

Coles Miller can draw up an agreement tailor made for your circumstances to show what share holding each of you is entitled to. This can be as straightforward or as complicated as you want it to be.

You may be each putting in differing amounts at the outset of a purchase that you wish to safeguard as a percentage share in the overall value of the equity in the property.

Alternatively, you may have one party putting in a lump sum but the other contributing toward the mortgage throughout the holding which results in a constantly changing percentage value.

For Roger Leedham, Senior Partner

“We have used Coles Miller for every house move (and there have been quite a few!) since 1987. Roger Leedham and the team made our recent move in 2018 as smooth and stress free as a house move can ever be. Nothing is ever too much trouble and the brilliant communication between Coles Miller and all the other parties in the chain helped us manage timescales and dates seamlessly. I recommend Roger Leedham and Coles Miller to anyone about to move house.”

For Jason Barnett, partner

We just wanted to say a huge thank you for all your help and hard work on our purchase. You ensured the transaction ran smoothly and that communication was always thorough and professional; we would highly recommend you to others.

For Ruth Elkins, Partner

“I used Ruth Elkins of Coles Miller Broadstone for the conveyancing of my late mother's house in Broadstone. I have moved house myself several times but never used Coles Miller before. I wish I had! It was the most stress-free and efficient house conveyancing I have experienced and everyone I encountered in the office was friendly and helpful. I would recommend Coles Miller to anyone.”

For Michelle Vick Partner, Chartered Legal Executive

“Michelle – you have been my ‘true north’ throughout this whole process. Understanding, knowledgeable, honest and considerate whilst always acting with integrity and my best intentions. I would highly recommend you and Coles Miller to friends, family and colleagues. You have kept me in the loop every step of the way and I have never felt the need to chase for updates. Also, understanding my needs, wants and concerns (first time buyers) was truly refreshing. You are a definitive representation of how customer service should be provided!”

Lianne Clenton Bray, Associate Solicitor

"Lianne Clenton Bray from Poole branch recently acted for us. Very helpful, as was her team. Many thanks Lianne."

For Pam Coniam, Conveyancing Executive

“Pam and her team were recommended to us by our financial advisor; we couldn’t be happier with the service provided. As first time buyers, the whole process was new and confusing, Pam made this simple right from the initial meeting – explaining what was needed at each stage. We were advised on all the necessary points that came up before exchange and any problems were quickly resolved by Coles Miller. The exchange and completion went through without a hitch and minimal stress. We will definitely be back when it’s time to move up the ladder.”

For Katie Owen, Solicitor

“I'd just like to say thank you for all your help with the purchase of my house and for the lovely card. I'd especially like to say how much I appreciated your quick responses to my queries something that I have not found with other solicitors."

For Laura Hall, Solicitor

“We have just finalised the sale of our last home and the purchase of our new home. It has been very stressful and frustrating for many reasons. Laura and Roger from Coles Miller have been absolutely amazing. We have received sound advice, they have covered our backs at every angle, and they have been extremely professional and proactive. We had many obstacles on the way due to selling a leasehold property, long delays from our buyer waiting for their mortgage offer, seller being awkward etc. Thank you Coles Miller for taking so much pressure and stress off our shoulders.”

For Deborah Bradburn, Legal Assistant

"Thank you for helping us get everything through again so quickly. We shall definitely recommend you both to everyone we know, as we think you and Roger have been extremely efficient and helpful throughout the whole process."