Declaration Of Trust Tenants In Common Template for England and Wales

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Key Requirements PROMPT example:

Declaration Of Trust Tenants In Common

"I need a Declaration of Trust Tenants in Common for a property purchase with my sister, where I'm contributing 70% of the purchase price and she's contributing 30%, with completion scheduled for March 2025."

Document background
A Declaration of Trust Tenants in Common is essential when two or more people purchase property together in England and Wales but wish to own it in specific shares rather than equally. This document becomes particularly important when co-owners contribute different amounts to the purchase price, ongoing costs, or want to ensure their share passes to their chosen beneficiaries upon death. It provides clarity on ownership rights, responsibilities for maintenance and mortgage payments, and procedures for future sale or transfer of the property. The declaration helps prevent future disputes and provides clear evidence of the parties' intentions regarding property ownership.
Suggested Sections

1. Parties: Details of trustees and beneficiaries

2. Background: Circumstances leading to creation of trust and property details

3. Definitions: Key terms used throughout the document

4. Declaration of Trust: Formal declaration of beneficial ownership shares

5. Property Details: Legal description of property subject to trust

6. Beneficial Interests: Specification of ownership percentages

7. Trustees' Powers and Duties: Legal obligations and authority of trustees

Optional Sections

1. Sale Provisions: Procedures and arrangements for selling the property, including right of first refusal and valuation methods

2. Occupation Rights: Rights and conditions for occupying the property, including exclusive occupation arrangements

3. Mortgage Provisions: Arrangements for mortgage payments and responsibilities between co-owners

4. Death Provisions: Arrangements upon death of a beneficiary including succession rights and buy-out provisions

Suggested Schedules

1. Schedule 1: Property Description: Detailed legal description of property including title number and address

2. Schedule 2: Contribution Schedule: Details of initial and ongoing financial contributions by parties

3. Schedule 3: Maintenance Obligations: Breakdown of maintenance responsibilities and cost-sharing arrangements

4. Appendix A: Property Title: Copy of property title documents and relevant land registry entries

Authors

Alex Denne

Head of Growth (Open Source Law) @ Genie AI | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

Relevant Industries
Relevant Teams
Relevant Roles
Industries

Law of Property Act 1925: Core legislation governing property ownership, particularly sections 34-36 regarding co-ownership, section 53(1)(b) on declarations of trust of land, and section 205(1)(ix) defining 'trust of land'

Trustee Act 2000: Modern legislation governing trustees' general powers and duties, including investment powers and delegation authorities

Trusts of Land and Appointment of Trustees Act 1996: Known as TOLATA, this Act governs rights and duties of trustees, rights of beneficiaries, and powers of the court in relation to trusts of land

Land Registration Act 2002: Establishes requirements for registration of land and the form of restrictions on title

Perpetuities and Accumulations Act 2009: Contains rules against perpetuities which may affect trust arrangements

Trustees Act 1925: Contains administrative provisions regarding the appointment and retirement of trustees

Law of Property (Miscellaneous Provisions) Act 1989: Particularly Section 2 regarding formalities of contracts for sale of land

Land Registration Rules 2003: Provides detailed regulations regarding the form and content of restrictions on land registration

Stamp Duty Land Tax Regulations: Tax implications for property transfers and trust arrangements

Capital Gains Tax Regulations: Tax considerations for disposal of property held in trust

Inheritance Tax Act 1984: Tax implications for property held in trust in relation to inheritance

Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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