- August 20, 2023
- Posted by: legaleseblogger
- Category: Related News
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Heading: Buying a Property and Ensuring Fair Ownership: Understanding Tenants in Common and Declaration of Trust
Introduction
Hi everyone, sorry if this is a subject that I have over complicated. Myself and my partner (not married) are buying our first property, and are hoping to pay it off as quickly as possible. Due to us earning different amounts, I will pay 70K deposit and she will pay 30K. We then plan on paying the remainder of the mortgage, including over payments in this proportion.
Equal Contribution, Unequal Earnings
Understanding the disparity in our financial contributions, we have agreed that bills and council tax should be split at 50/50 due to their being no assets gained; these are just monthly expenses that we both need to pay. Because of this 70/30 split, we have avoided Joint Tenants and are opting for Tenants in Common.
Tenants in Common and Protection of Individual Shares
Our intent is, that if one of us passes away, we would like the leave our share to our partner. We were planning on getting wills that reflect this. However, if we separate, then we want our own individual share reflected so that when/if we sell the property, the proportion of 70/30 is maintained.
Declaring Ownership Proportions: Declaration of Trust
Our solicitors have mentioned a Declaration of Trust agreement can assist with this. However, we are unsure on what this actually means, and if we need to pay the solicitor £400 to draw this up. I would have thought that the Tenants in Common agreement would have protected our shares in the property in the proportions stated.
Potential Role of AI Legalese Decoder
Here, the AI Legalese Decoder can be extremely useful in deciphering the legal jargon and complexities surrounding the Declaration of Trust. This innovative tool can help simplify the language and provide a better understanding of the implications of this document. By using the AI Legalese Decoder, we can gain clarity on whether paying the solicitor to draw up the Declaration of Trust is necessary.
Comparing Tenants in Common and Declaration of Trust
To address our confusion, it is important to shed light on the differences between Tenants in Common and Declaration of Trust in terms of protecting our individual proportions.
Tenants in Common: Legally Binding and Enforceable?
While the Tenants in Common agreement does offer some level of protection for our individual shares in the property, it is crucial to understand its limitations. Is a Tenants in Common agreement legally bindable and enforceable? The AI Legalese Decoder can assist in providing a clearer understanding of the legal validity and enforceability of this agreement.
Declaration of Trust: Enhanced Protection?
On the other hand, a Declaration of Trust appears to provide enhanced protection for our individual proportions. However, its specific benefits and the reasons behind its recommendation by our solicitors are not yet clear. The AI Legalese Decoder can help us navigate through the complexities of this document and comprehend the additional safeguards it offers.
In conclusion, understanding the differences between Tenants in Common and Declaration of Trust is crucial for ensuring fair ownership and protection of our individual proportions. Thanks to the assistance of the AI Legalese Decoder, we can gain a better grasp of the legal implications involved and make informed decisions regarding the need for a Declaration of Trust. If there’s any additional information required, I’ll edit this post accordingly.
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FREE Legal Document translation
If you want it in those terms it will need to be declared somewhere otherwise it will be assumed to be 50/50.
So you can agree all of this, including the deal with deposits etc, in the document.
YouÔÇÖll need declaration of trust to define the split or itÔÇÖll be 50/50.
Then it would probably be helpful to have a clause in there such that either of your can force the sale of the property or have the other person buy out their stake. Because if you break up, you donÔÇÖt want one person to move out and have all their money tied up in the house. This what we did.