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Two people holding a model property in their hands, smiling at each other; our Conveyancing Solicitors in Lytham discuss different types of property ownership and how our team can assist with this.
In England and Wales, owning property is a significant milestone that comes with various legal considerations, especially regarding how ownership of the property, if by more than one person, is structured. Understanding the different ways to own property and the role of a declaration of trust is crucial for property owners to ensure their interests are protected and clearly defined from the point of purchase. This blog from our Conveyancing Solicitors in Lytham will explore the different types of property ownership in England and Wales and delve into what a declaration of trust is, including scenarios where it might be required. 

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MG Legal's leading Conveyancing Solicitors in Lytham offer all of our Conveyancing services on a clear, fixed-fee rate.  
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Ways to Own Property in England and Wales 

Ownership of property in England and Wales can be structured in several ways, primarily depending on whether the property is owned by an individual or jointly by two or more people. The main forms of ownership are: 

Sole Ownership 

This is the simplest form of ownership, where a single individual owns the property in their name. The sole owner has full control over the property and is solely responsible for the mortgage (if any) and for making decisions about the property. 

Joint Tenancy 

In a joint tenancy, two or more people own the property together in equal shares. A key feature of joint tenancy is the right of survivorship, meaning that upon the death of one joint tenant, their interest in the property automatically passes to the surviving joint tenant(s), irrespective of the deceased’s Will. 

Tenancy in Common 

Unlike joint tenancy, tenancy in common allows two or more individuals to own property together without the right of survivorship. Each owner has a distinct share of the property, which can be equal (50/50) or unequal (any combination of shares). Upon death, an owner’s share can be passed to a beneficiary under their Will, rather than automatically transferring to the surviving owner(s). 

Why choose MG Legal Solicitors? 

No hidden fees.

Transparent fees. 

Our solicitors offer their services on a clear fixed-fee or hourly rate, and accept personal injury claims on a no win no fee basis. 
We are the experts

We are the experts. 

Here at MG Legal, our team of friendly solicitors are fully-qualified and have over thirty years' experience in helping clients just like you. 
Regular Communication

Regular communication. 

When you work with MG Legal, your solicitor will be in regular contact so you have step-by-step updates. 
Multiple Office locations.

Multiple office locations. 

If you are looking to instruct our solicitors, we have offices in Garstang, Longridge, Lancaster and Lytham for your convenience. 

What is a Declaration of Trust? 

A declaration of trust, also known as a trust deed, is a legal document that outlines the ownership interests and responsibilities of property owners, particularly useful in situations where a property is owned as tenants in common. It clarifies how much of the property each party owns, their financial obligations, and what happens if the property is sold or if one party wishes to sell their share. 

When is a Declaration of Trust Required? 

Our Conveyancing Solicitors would recommend a Declaration of Trust in a variety of scenarios, such as: 

Unequal Financial Contributions 

When co-owners contribute different amounts towards the purchase price, a declaration of trust can specify each person’s share in the property, reflecting their contributions. This can protect each person’s investment if the property is sold in the future, and can be particularly useful in the event that the relationship between the parties is not amicable at the point of sale. Whilst it is not necessarily nice to think about, we deal with a lot of conveyancing work, and our Conveyancing Solicitors in Lytham do come across scenarios where people have fallen out. When our solicitors have dealt with the conveyance, and drafted a Declaration of Trust, any grey areas about who owns what share of the property, soon disappear. 

Investment Properties 

Investors purchasing property together might use a declaration of trust to detail their respective shares, investment contributions, and how profits or losses will be divided. This can prevent any disagreements about how is to receive what in the future. 

Protecting Interests 

Couples or friends buying property together may use a declaration of trust to protect their individual interests, especially if the relationship changes or if one party wishes to exit the investment. 

Clarifying Responsibilities 

A declaration of trust can also set out how ongoing expenses, such as mortgage payments, repairs, and insurance, are divided among the owners, ensuring that there is not ambiguity over the outgoings. 

MG Legal: Conveyancing Solicitors in Lytham 

Understanding the different ways to own property and the significance of a declaration of trust is essential for anyone looking to purchase property in England and Wales. Whether you are buying alone, with a partner, or as an investment with friends, the right ownership structure and a clearly defined declaration of trust can safeguard your interests, prevent misunderstandings, and provide a clear framework for managing the property. It’s advisable to consult with Conveyancing Solicitors in Lytham when considering property ownership options or drafting a declaration of trust to ensure that all legal aspects are properly addressed. 
Contact our Conveyancing Solicitors in Lytham on 01253 202 452 or email to discuss the purchase of your property, and the preparation of a declaration of trust to protect your interests. 

Why choose MG Legal, Conveyancing Solicitors in Lytham? 

Clear, fixed-fees 

Fully-Qualified Conveyancing Solicitors 

Tailored Service 

Multiple Office Locations 

Decades of Experience 

Home Visits 

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