Co-ownership - How to protect your interest in your property.

Purchasing a house is an exciting time and it is also a big investment.

In the current financial climate, banks are requiring bigger deposits which can often result in couples investing different amounts of money in order to purchase their new home.

In these cases, individuals purchasing a house together risk losing their investment if they do not obtain the correct legal advice or put in place the appropriate protective measures. 

Although we hope these measures are not needed, if you do need to sell your house for any reason and want to ensure you receive your share of the sale proceeds back, a declaration of trust offers a solution as it clearly sets out what share of the property each person owns. Your Conveyancer can deal with this as part of the conveyancing process and we recommend drawing up a declaration to all couples who are investing different amounts of money.

If you would like some further information regarding making a declaration of trust then please contact me, Toni Miles at Terry Jones Solicitors on 01952 297979.

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