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Declaration Of Trust Tenants In Common Unequal Shares Template for England and Wales

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Key Requirements PROMPT example:

Declaration Of Trust Tenants In Common Unequal Shares

"I need a Declaration of Trust Tenants in Common Unequal Shares for a property purchase with my sister, where I will own 70% and she will own 30% of a house in Manchester, with completion scheduled for March 2025."

Document background
A Declaration of Trust Tenants in Common Unequal Shares is essential when two or more parties purchase property together in England and Wales but contribute different amounts or wish to own different proportions. This document clearly defines each party's share, protects their interests, and provides clarity on property management and potential sale. It's particularly important for unmarried couples, family members, or friends buying property together, as it prevents the automatic application of equal shares and ensures their true intentions are legally documented.
Suggested Sections

1. Parties: Details of trustees and beneficiaries, including full names, addresses and other identifying information

2. Background: Property details and circumstances leading to trust creation, including purchase price and contributions

3. Definitions: Key terms used throughout the document including 'Property', 'Beneficial Interest', 'Trust', etc.

4. Declaration of Trust: Formal declaration of beneficial interests and shares, stating the property is held on trust

5. Trustees' Powers and Duties: Scope of trustees' authority and responsibilities under the Trust of Land and Appointment of Trustees Act 1996

6. Division of Beneficial Interest: Specific percentage or fraction of ownership for each beneficiary, including how this was calculated

Optional Sections

1. Property Management: Provisions for day-to-day management, including maintenance responsibilities and cost sharing

2. Sale Provisions: Process for selling the property, including right of first refusal and valuation methods

3. Occupation Rights: Rights of beneficiaries to occupy the property and conditions for occupation

Suggested Schedules

1. Schedule 1 - Property Details: Full legal description of the property including title number, address, and registered details

2. Schedule 2 - Contribution Schedule: Details of financial contributions made by each party including initial deposit and mortgage payments

3. Schedule 3 - Management Provisions: Detailed arrangements for property management including maintenance, insurance, and utility responsibilities

Authors

Alex Denne

Head of Growth (Open Source Law) @ tiktok³ÉÈ˰æ | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

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Law of Property Act 1925: Key primary legislation governing property ownership, particularly sections on co-ownership and trusts of land, Section 53(1)(b) on declarations of trust for land, and Section 36 on tenancies in common

Trusts of Land and Appointment of Trustees Act 1996: Defines trustees' powers and duties, rights of beneficiaries, and provisions for occupation and management of trust property

Land Registration Act 2002: Sets out requirements for registration of interests in land and form of restrictions to protect beneficial interests

Trustee Act 2000: Establishes statutory duties of trustees, investment powers, and required standard of care

Doctrine of Resulting Trusts: Common law principle dealing with beneficial ownership where there is no express declaration of trust

Express Trusts Principles: Common law principles governing the creation and operation of express trusts

Three Certainties Rule: Legal principle requiring certainty of intention, subject matter, and objects in trust creation

Stamp Duty Land Tax Regulations: Tax implications for property transfers and declarations of trust

Capital Gains Tax Legislation: Tax considerations for future disposal of property held in trust

Inheritance Tax Rules: Tax planning aspects related to property held in trust and its transfer upon death

Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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