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Joshua
Joshua, Lawyer
Category: Law
Satisfied Customers: 25407
Experience:  LL.B (Hons), Higher Prof. Dip. Law & Practice
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I am currently in the process of buying a property with my

Resolved Question:

I am currently in the process of buying a property with my partner, the deposit is being paid solely by myself and we want to put it into writing that in the future, if/when the property is sold for whatever reason then the deposit amount would be returned to myself and then any further finances gained from the sale would be split evenly between us. Can we write this up ourselves and get it signed by witnesses or does it need to be written up by a solicitor for it to be legal?
Submitted: 3 years ago.
Category: Law
Expert:  Joshua replied 3 years ago.

Joshua :

Hello and thank you for your question. I will be very pleased to assist you. I'm a practicing lawyer in England with over 10 years experience.

Joshua :

Are you buying through a solicitor please?

Customer: Yes
Joshua :

there are two principal options. You can ask your solicitor to indicate on the transfer deed you will need to sign that you both over the property as tenants in common and to specify the percentage shares each of you have agreed upon. this is the most basic approach you can take but it is effective for providing evidence of your respective percentage shares in the property

Joshua :

the other and more comprehensive and better approach is to ask your solicitor to prepare a formal declaration of trust which is a separate deed setting out who owns what and in addition can provide for a wide range of other circumstances which are more flexible than simply prescribing specific percentage shares in the property as well as procedures you agree to follow if you disagree in the future, for example one of the wishes to sell and the other does not and so on. the typical cost of such a document is anything from £100-£300 and is generally well worthwhile as a property is typically the most valuable asset you will own and disputes can be expensive and difficult to resolve

Customer: Thankyou
Joshua :

you can write something yourselves and both sign it but or play anything you have a right & can be entered into as evidence, does not necessarily constitute formal evidence of a trust and therefore would not be recommended on its own

Joshua :

A pleasure. If you have no further questions for now I should be very grateful if you would kindly take a moment to rate my service to you today. Your feedback is important to me. If there is anything else I can help with though please reply back to me though.

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