Posted on 13.2.17
Christine Thornley, Head of Wills, Trusts & Probate at Gorvins Solicitors, was in The Daily Mail providing expert advice on the issues surrounding joint ownership of properties.
The article discusses the various legal implications of joint ownership and how best to avoid/resolve these scenarios, from owning with a partner to investing in a property for your children.
Commenting on Declarations of Trust, Christine said:
‘This is a legally binding document that records the financial arrangements between the owners, helping to identify who put what in and, therefore, the percentage ownership of the property. A similar declaration might also be useful if a partner moves into your existing home. If your partner is, for example, going to contribute towards the costs of the home through its upkeep rather than the mortgage, this declaration of trust will, in the event of a break-up, specify who has paid for what. So, if things go pear-shaped, there is a chance for this to be recovered by whoever paid more.’
The full article can be read here