DECLARATION OF TRUST
TENANCY IN COMMON
This DECLARATION OF TRUST is made on:
_________ (day) ________________ (month) _______ (year)
PARTIES:
A. ________ of:
________
(the "First Party")
B. ________ of:
________
(the "Second Party")
(together the "Co-owners")
THIS DEED PROVIDES:
1. Background
1.1. The Co-owners purchase the below freehold property as Joint Tenants on ________:
________
(hereafter the "Property")
1.2. The property is subject to a mortgage between the Co-Owners and ________.
1.3. The Co-owners have agreed that the joint tenancy shall be severed as per the terms of 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") as Tenants in Common both legally and beneficially on trust for themselves as set out in this deed.
3. Fixed shares
3.1. The net proceeds of any sale of the Property shall be divided in equal shares (the "Agreed Proportions") between the Co-owners.
3.2. In the event of a sale, the net sale proceeds shall be determined by deducting from the sale price the amount outstanding under the Mortgage, legal fees, agents' commission and valuers' fee (if any).
3.3. In determining the appropriate share of each of the Co-owners of the net sale proceeds, credit will be given to the appropriate party for any capital sum paid by that party in reduction of the Mortgage debt.
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.
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. 85252822 22 88822828
552 82-282258 52522 2552:
6.1. 22 225822 22525 2552 252 82-282258 252 8252 52 252 25222522 528288 8585 222225552 528852282 88 525225 82 5585282 82 2585 22 252 82-282258;
6.2. 82 252 82228255282 22 8585 222225552 528852282 22 5 8888225 8282228 525882225882 22 282525 25522, 2522 522 22 252 82-282258 252 828882 2552 252 8888225 82 58225 22 82582.
7. Land Registry Restrictions and Entries
The Co-owners agree that they will co-operate to make such application to the Land Registry and execute and do all such documents, acts and things as may be necessary to procure that the appropriate restriction and other necessary entries shall be entered in the register of the title to the Property for the purpose of giving effect to this deed.
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. If no notice 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.
8.3. If a notice under the above clause 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.
SIGNED AND DELIVERED AS A DEED BY THE PARTIES:
SIGNED AS A DEED BY ________ on:
DATED:
___________________
SIGNATURE:
___________________
________
In the presence of:
NAME OF WITNESS:
_________________
SIGNATURE OF WITNESS:
_________________
ADDRESS OF WITNESS:
__________________
OCCUPATION OF WITNESS:
__________________
SIGNED AS A DEED BY ________ on:
DATED:
___________________
SIGNATURE:
___________________
________
In the presence of:
NAME OF WITNESS:
_________________
SIGNATURE OF WITNESS:
_________________
ADDRESS OF WITNESS:
__________________
OCCUPATION OF WITNESS:
__________________
DECLARATION OF TRUST
TENANCY IN COMMON
This DECLARATION OF TRUST is made on:
_________ (day) ________________ (month) _______ (year)
PARTIES:
A. ________ of:
________
(the "First Party")
B. ________ of:
________
(the "Second Party")
(together the "Co-owners")
THIS DEED PROVIDES:
1. Background
1.1. The Co-owners purchase the below freehold property as Joint Tenants on ________:
________
(hereafter the "Property")
1.2. The property is subject to a mortgage between the Co-Owners and ________.
1.3. The Co-owners have agreed that the joint tenancy shall be severed as per the terms of 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") as Tenants in Common both legally and beneficially on trust for themselves as set out in this deed.
3. Fixed shares
3.1. The net proceeds of any sale of the Property shall be divided in equal shares (the "Agreed Proportions") between the Co-owners.
3.2. In the event of a sale, the net sale proceeds shall be determined by deducting from the sale price the amount outstanding under the Mortgage, legal fees, agents' commission and valuers' fee (if any).
3.3. In determining the appropriate share of each of the Co-owners of the net sale proceeds, credit will be given to the appropriate party for any capital sum paid by that party in reduction of the Mortgage debt.
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.
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. 85252822 22 88822828
552 82-282258 52522 2552:
6.1. 22 225822 22525 2552 252 82-282258 252 8252 52 252 25222522 528288 8585 222225552 528852282 88 525225 82 5585282 82 2585 22 252 82-282258;
6.2. 82 252 82228255282 22 8585 222225552 528852282 22 5 8888225 8282228 525882225882 22 282525 25522, 2522 522 22 252 82-282258 252 828882 2552 252 8888225 82 58225 22 82582.
7. Land Registry Restrictions and Entries
The Co-owners agree that they will co-operate to make such application to the Land Registry and execute and do all such documents, acts and things as may be necessary to procure that the appropriate restriction and other necessary entries shall be entered in the register of the title to the Property for the purpose of giving effect to this deed.
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. If no notice 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.
8.3. If a notice under the above clause 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.
SIGNED AND DELIVERED AS A DEED BY THE PARTIES:
SIGNED AS A DEED BY ________ on:
DATED:
___________________
SIGNATURE:
___________________
________
In the presence of:
NAME OF WITNESS:
_________________
SIGNATURE OF WITNESS:
_________________
ADDRESS OF WITNESS:
__________________
OCCUPATION OF WITNESS:
__________________
SIGNED AS A DEED BY ________ on:
DATED:
___________________
SIGNATURE:
___________________
________
In the presence of:
NAME OF WITNESS:
_________________
SIGNATURE OF WITNESS:
_________________
ADDRESS OF WITNESS:
__________________
OCCUPATION OF WITNESS:
__________________
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