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Residential Property Co-ownership Deed

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Please enter the full address of the property that is to be co-owned by the parties to this document.

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CO-OWNERSHIP DEED



THIS DECLARATION OF TRUST
is made on ________


PARTIES


(1) ________ of:

________

(the "First Party")

(2) ________ of:

________

(the "Second Party")

(together the "Co-owners")


THIS DEED PROVIDES:


1 Background

1.1 The Co-owners are the trustees of land holding following the leasehold property:

________

(hereafter the "Property")

1.2 The Co-owners have agreed that they will hold the Property upon trust for themselves as set out in this deed.


2 Declaration of trust

The Co-owners declare that as from the date of this deed they will hold the Property subject to the mortgage of today's date in favour of ________ (the "Mortgage") jointly both legally and beneficially on trust for themselves as set out in this deed.


3 Fixed shares

3.1 The net sale proceeds shall be divided between the Co-owners in proportions (the "Agreed Proportions") calculated as follows:

3.1.1 the First Party is entitled to a sum equal to:

________%

3.1.2 the Second Party is entitled to a sum equal to:

________%


4 Co-owners' powers

Each Co-owner covenants with the other:

4.1 to observe and perform all covenants, restrictions, conditions and stipulations at any time affecting the Property and the terms and conditions of the Mortgage;

4.2 not to create or purport to create any charge, mortgage, lien or other interest (other than the Mortgage) in respect of the Property as a whole or their respective shares or to dispose by sale, gift or otherwise of the whole or part of their respective shares without the consent in writing of the other Co-owner (except that this provision shall not restrict the right of Co-owners to dispose of his or her share by will);


5 Repair provisions

The Co-owners agree:

5.1 to keep the Property in good and tenantable condition and to deal with all essential repairs without delay, and to contribute to the costs of such repairs in the Agreed Proportions.

5.2 that no non-essential maintenance and/or improvements to the Property may be carried out without the consent of both of the Co-owners.


6 Creation of licences

The Co-owners agree that:

6.1 no person other than the Co-owners may stay at the Property unless such temporary residence is agreed in advance by each of the Co-owners;

6.2 if the continuance of such temporary residence of a visitor becomes unacceptable to either party then any of the Co-owners may insist that the visitor be asked to leave.


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8 Pre-emption rights

8.1 If a Co-owner wishes to bring the trusts relating to the Property to an end, he or she must give to the other Party written notice, and the Co-owners agree that except with the consent of the other Co-owner there shall be no sale of the Property until the expiry of 3 months from the date of such notice.

8.2 Within 6 weeks of receipt of a notice served in accordance with clause 8.1 above either of the Co-owners may give notice to the other party of his or her desire to purchase the share of the other party at the current market value, such value to be agreed, or in default of agreement, fixed by an independent valuer appointed by agreement, or in default of agreement on the application of either of the Co-owners to the President for the time being of the Royal Institution of Chartered Surveyors.

8.3 If no notice under clause 8.2 above is served then the Property must be sold and the Co-owners agree to use their best endeavours to achieve a sale as soon as possible.

8.4 If a notice under clause 8.2 above is served then the Co-owners agree that the purchase of the share will be completed within 3 months of the service of the notice.


9 Indemnity

9.1 The Co-owners covenant with each other that during the continuance of the Mortgage they shall be responsible for the Mortgage repayments due to ________ and any Mortgage linked endowment policy premiums in the Agreed Proportions and each will at all times in future keep the other and his or her estate indemnified from all actions, costs, claims and demands on account of such payments.


EXECUTED AS A DEED

SIGNED AS A DEED by



Signature...................................................

________

in the presence of



Signature...................................................

Name of Witness:...................................................

Address of Witness:...................................................

Occupation of Witness:...................................................



SIGNED AS A DEED by



Signature...................................................

________



in the presence of



Signature...................................................

Name of Witness:...................................................

Address of Witness:...................................................

Occupation of Witness:...................................................

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CO-OWNERSHIP DEED



THIS DECLARATION OF TRUST
is made on ________


PARTIES


(1) ________ of:

________

(the "First Party")

(2) ________ of:

________

(the "Second Party")

(together the "Co-owners")


THIS DEED PROVIDES:


1 Background

1.1 The Co-owners are the trustees of land holding following the leasehold property:

________

(hereafter the "Property")

1.2 The Co-owners have agreed that they will hold the Property upon trust for themselves as set out in this deed.


2 Declaration of trust

The Co-owners declare that as from the date of this deed they will hold the Property subject to the mortgage of today's date in favour of ________ (the "Mortgage") jointly both legally and beneficially on trust for themselves as set out in this deed.


3 Fixed shares

3.1 The net sale proceeds shall be divided between the Co-owners in proportions (the "Agreed Proportions") calculated as follows:

3.1.1 the First Party is entitled to a sum equal to:

________%

3.1.2 the Second Party is entitled to a sum equal to:

________%


4 Co-owners' powers

Each Co-owner covenants with the other:

4.1 to observe and perform all covenants, restrictions, conditions and stipulations at any time affecting the Property and the terms and conditions of the Mortgage;

4.2 not to create or purport to create any charge, mortgage, lien or other interest (other than the Mortgage) in respect of the Property as a whole or their respective shares or to dispose by sale, gift or otherwise of the whole or part of their respective shares without the consent in writing of the other Co-owner (except that this provision shall not restrict the right of Co-owners to dispose of his or her share by will);


5 Repair provisions

The Co-owners agree:

5.1 to keep the Property in good and tenantable condition and to deal with all essential repairs without delay, and to contribute to the costs of such repairs in the Agreed Proportions.

5.2 that no non-essential maintenance and/or improvements to the Property may be carried out without the consent of both of the Co-owners.


6 Creation of licences

The Co-owners agree that:

6.1 no person other than the Co-owners may stay at the Property unless such temporary residence is agreed in advance by each of the Co-owners;

6.2 if the continuance of such temporary residence of a visitor becomes unacceptable to either party then any of the Co-owners may insist that the visitor be asked to leave.


8 Ecbb Aadfaffp Aaafffaffcba cbb Abfffaa

Faa Dc-cabafa cdfaa facf faap afff ac-cdafcfa fc acaa abaa cddffacffcb fc faa Ecbb Aadfaffp cbb aaaabfa cbb bc cff abaa bcabaabfa, cafa cbb fafbda ca acp aa baaaaacfp fc dfcabfa facf faa cddfcdffcfa faafffaffcb cbb cfaaf baaaaacfp abfffaa aacff aa abfafab fb faa fadfafaf cb faa ffffa fc faa Bfcdaffp bcf faa dbfdcaa cb dfefbd abbaaf fc fafa baab.


8 Pre-emption rights

8.1 If a Co-owner wishes to bring the trusts relating to the Property to an end, he or she must give to the other Party written notice, and the Co-owners agree that except with the consent of the other Co-owner there shall be no sale of the Property until the expiry of 3 months from the date of such notice.

8.2 Within 6 weeks of receipt of a notice served in accordance with clause 8.1 above either of the Co-owners may give notice to the other party of his or her desire to purchase the share of the other party at the current market value, such value to be agreed, or in default of agreement, fixed by an independent valuer appointed by agreement, or in default of agreement on the application of either of the Co-owners to the President for the time being of the Royal Institution of Chartered Surveyors.

8.3 If no notice under clause 8.2 above is served then the Property must be sold and the Co-owners agree to use their best endeavours to achieve a sale as soon as possible.

8.4 If a notice under clause 8.2 above is served then the Co-owners agree that the purchase of the share will be completed within 3 months of the service of the notice.


9 Indemnity

9.1 The Co-owners covenant with each other that during the continuance of the Mortgage they shall be responsible for the Mortgage repayments due to ________ and any Mortgage linked endowment policy premiums in the Agreed Proportions and each will at all times in future keep the other and his or her estate indemnified from all actions, costs, claims and demands on account of such payments.


EXECUTED AS A DEED

SIGNED AS A DEED by



Signature...................................................

________

in the presence of



Signature...................................................

Name of Witness:...................................................

Address of Witness:...................................................

Occupation of Witness:...................................................



SIGNED AS A DEED by



Signature...................................................

________



in the presence of



Signature...................................................

Name of Witness:...................................................

Address of Witness:...................................................

Occupation of Witness:...................................................