By Frances Traynor
19th January 2018
Not every transaction to buy a property is simple. The most straightforward but less common involve the buyer providing the money to buy a place with no mortgage required. Most buyers instead have to find a deposit and sign up to a mortgage for the remainder.
So far, so simple. But what happens when you don't have the deposit and have to borrow that, too? Often the so-called Bank of Mum and Dad will provide, but that then complicates who actually owns a property.
There are other complications, too. You might be buying with a partner but each putting in different amounts of money that has to be reflected in the ownership share.
The solution is to have your solicitor draw up a declaration of trust, a legal document that will outline exactly who the legal owner or owners of a property are, so that while an individual who owns a share of a property but is not named on the title deeds will have that share protected.
Homeward Legal's expert sales team can offer advice to first-time buyers who may require a declaration of trust. And they will be happy to take time to explain when this legal document would be in the best interests of all parties.
If you're a first-time buyer, check out Homeward Legal's comprehensive First-Time Buyers' Hub where all your questions about purchasing for the very first time are covered in detail.
Frances Traynor Conveyancing Expert
Homeward Legal has put together some handy guides to help you with your first property purchase. Let us know if there is anything we've missed, and as ever, feel free to call 0800 038 6699