The law is designed to protect you when you own a property or land with another person and Lynwood Solicitors can help you set out the finer details of the arrangement by preparing a Declaration of Trust.
When two or people co-own a property they are either joint tenants or tenants in common. Joint tenants own 100% of the property so if one person dies, ownership instantly transfers to the other. Tenants in common, however, refers to the percentage share you and your co-owner have in a property. For example, you may own 40% whilst your co-owner owns 60%.
A Declaration of Trust allows you to protect your interests as a property or land owner. Lynwood Solicitors recommends these in order to avoid potential disputes and to ensure your financial contribution towards property or land is legally recognised.
Please contact us for more information about property ownership by clicking here.