If you are buying a property with someone else, such as a partner who you are not married to, it is not only important to consider how you are to hold the property (joint tenants or tenants in common) but it is also important to consider whether or not you need a Declaration of Trust to protect you both in the future.

Whilst this can be a difficult conversation to have with your partner, it's essential to protect your share of the property. A Declaration of Trust could benefit you both in the long run. If the relationship breaks down or one of you dies, it will be clear who owns what share of the property.

What is a Declaration of Trust?

The purpose of the Declaration of Trust is to avoid lengthy and expensive legal proceedings down the line should the relationship break down.

Buying a property is one of the biggest investments most people make. If you haven't made equal financial contributions towards the purchase, it may not feel fair that you would receive an equal share of the sale proceeds further down the line.

The Declaration of Trust would make it clear who is to receive what from the sale proceeds. It's best entered into when the property is purchased. That way you're both clear on what you are agreeing to from the start.

If you're looking for advice on a Declaration of Trust, contact our specialist Conveyancing Solicitors in Rochdale - they'll be happy to help!