It’s an exciting time planning your new home and future together. However, once the honeymoon period has passed and the butterflies have settled sometimes the reality of cohabiting can bring you down with a bump, particularly if things start to go sour.
No one sets out on this journey with the thought “what if it doesn’t work out”, however this is something that should not be overlooked, but quite often is and why couples purchasing their new home should consider a Deed or Declaration of Trust.
A Declaration or Deed Trust is put in place to legally record your respective financial shares in a property.
With no deed in place to record this arrangement, it could result in a huge loss of your initial investment. For example, if you were to put down 80 percent of the deposit, and your partner put down 20 percent, you could stand to lose a large chunk of your higher net share.
Whilst, we all hope that our relationships will last forever, the sad reality is that we just don’t know what the future holds for us.
A Deed or Declaration of Trust Document is a relatively simple and inexpensive document which costs as little as £80, given that it could potentially protect you from losing thousands of pounds in the future, it’s a “no brainer”.
The Deed can be bespoke and tailored to your individual requirements. So whether your situation is straightforward or a little more complicated, it is not a problem and can be easily achieved.
The Deed or Declaration of Trust, as a legal document, needs to be overseen and created by a legal professional.
Article written and provided by Lesley-Anne Gunn of Dee & Griffin Solicitors
DISCLAIMER: This article should not be regarded as constituting legal advice in relation to particular circumstances. This article is merely a general comment on the relevant topic. If specific advice is required in connection with any of the matters covered in this article, please speak to Dee & Griffin Solicitors directly.