When more than one person is planning to jointly purchase a property, it is worth thinking about having a Deed of Trust.
These can be used in many different circumstances, but if someone is planning on buying a house, for example with a friend or partner, they could be invaluable in these circumstances. Solicitors in Porthmadog can assist in drafting and completing this type of document.
When shared ownership becomes part of the home buying process, it is often advisable to have a document to show who owns what percentage of the property. If someone owns a larger portion of the building, for instance, they may feel they need this setting out in a legal document in case of future disputes. Details such as the amounts each party has contributed to the purchase can be added.
Solicitors in North Wales can explain the importance and differences between joint tenants and tenants in common. A joint tenancy generally means that two people own equal shares in a property and that share will be transferred to the other if one dies. The tenants in common is different, since it is often used when there is unequal ownership and the other owners do not have the automatic right to inherit. Provisions can be made in these deeds to cover issues like children and who pays for the maintenance of the property.
Speak to us now at Bennett Smith Solicitors and ask us about all aspects of buying a property, including Deeds of Trusts.