Declaration of Trust - Help!

afooksy

Hi,


My boyfriend is buying a house in his name as I have such poor credit and on a DMP. I will however be contributing monthly to the mortgage payments.


We need to set up a declaration of trust. At the minute we are waiting to exchange so are fairly far down the process.


Has anyone set up a DoT just before exchanging? Does it need to be done before a certain time frame & does it delay the house purchase? I've approached our solicitors today but won't get a response until tomorrow.


I do know we have left this very important part fairly last minute but we are in this situation now so any advice would be appreciated.


thanks

Guest101

Why do you need a DOT?


What do you expect it to say?


Are you signing away your rights??!

afooksy

A Declaration of Trust is set up to decide who would be entitled to what should the house go up for sale. Being that the house will be in my boyfriends name anyway I don't have any rights yet to sign away. This document would protect me should something go wrong and the house gets sold.


We have already decided to set one up so your questions around why we need one and what we expect it to say are not relevant to the questions I've asked in my original post. We would have a conversation with the solicitor about what the DoT says.


My questions are:
Has anyone set up a DoT just before exchanging? Does it need to be done before a certain time frame & does it delay the house purchase?

Guest101

afooksy wrote: »

A Declaration of Trust is set up to decide who would be entitled to what should the house go up for sale. Being that the house will be in my boyfriends name anyway I don't have any rights yet to sign away. This document would protect me should something go wrong and the house gets sold. - Yes I know what a DOT is, I meant why do you need one? You gain rights by virtue of paying towards the mortgage. The split you agree now, may end up being too low in the future. If say you agree 10% now but are together for 30 years.


We have already decided to set one up so your questions around why we need one and what we expect it to say are not relevant to the questions I've asked in my original post. We would have a conversation with the solicitor about what the DoT says. - I think you both need to take separate legal advice for it to be fully legit. But I may be wrong on that one.


My questions are:
Has anyone set up a DoT just before exchanging? Does it need to be done before a certain time frame & does it delay the house purchase?

Yes, ofcourse. A declaration of trust is just a legal agreement.


It shouldn't delay the purchase.


I suggest you take legal advice yourself.