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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.​