Declaration of trust by individuals as tenants in common (fixed shares)
A standard document that allows individuals who co-own property to formally declare that they hold it on trust for themselves as tenants in common in specified, fixed shares. This standard document is designed for co-owners who wish to clearly define their respective beneficial interests in a property, ensuring their individual shares are protected. It can be used by individuals purchasing a property together or by existing co-owners who were previously joint tenants and now wish to sever that arrangement. The content outlines the declaration of trust, establishing the precise ownership proportions for each party. It also includes an important clause for the owners to agree on applying to HM Land Registry for the entry of a restriction against the property's title, providing notice of the trust arrangement. This deed offers a foundational framework for formalising co-ownership structures in a clear and legally effective manner.
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