Wills, Trusts & Estates FAQs in Northampton

A Declaration of Trust is a legal document that sets out the terms on which a property is held. The document will record how the property is owned as well as any other terms agreed by you so that it protects your investment in a property if your relationship subsequent breaks down or one of you dies prematurely.

No matter who you are a joint owner with whether that be with your partner, family member or a friend, relationships can break down or circumstances change, which can mean that one of the joint owners wishes to sell the property. Typically, if one person wants to sell the property then both parties need to agree in order for the sale to go ahead without having to involve the Courts. If the other owner of the property would like to sell the property but you do not want to then you could consider buying their share. Buying their share would mean that you can remain living in the property and full ownership would be transferred to you. To buy their share you would of course need to have enough cash to the value of their equity in the property and they will need to agree. If they don’t agree then an application could be made to the Court for an order under the Trusts of Land Appointment of Trustees Act (known as TOLATA) requiring them to transfer their interest to you. The Court, based on evidence put forward, will determine the value of their share and then you will need to show that you are in a position to purchase their share for the required price. In the event that you are not able to purchase their share the Court may order that the property is sold unless there are some specified circumstances which could prevent it (usually in relation to children).