The Parties/signatories to this Deed are advised that signature of this document will have legal consequences. Where any Party is unsure or does not understand the legal obligations and responsibilities placed upon them under this Deed, they are advised to seek legal advice before signing.
CO-OWNERSHIP DEED
for Properties in England and Wales
This DECLARATION OF TRUST is made on: ________
PARTIES:
(A). ________ of:
________
(the "First Party")
(B). ________ of:
________
(the "Second Party")
(together the "Co-owners")
THIS DEED PROVIDES:
1. Background
I. The Co-owners are the trustees of land holding the following leasehold property:
________
Registered at HM Land Registry under title number ________.
(hereafter the "Property")
II. 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") as Tenants in Common both legally and beneficially on trust for themselves as set out in this deed.
3. Fixed shares
I. The net proceeds of any sale of the Property shall be divided in equal shares (the "Agreed Proportions") between the Co-owners.
II. 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).
III. 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:
(a). to observe and perform all covenants, restrictions, conditions and stipulations at any time affecting the Property and the terms and conditions of the Mortgage;
(b). 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);
(c). to keep the Property and contents insured against all usual comprehensive risks to the full reinstatement or replacement value of the same and, subject to the provisions of the Mortgage, to apply any money received on any policy of insurance effected on the Property and contents in replacement or reinstatement of the same;
(d). to pay the premium on any policy of insurance effected on the Property and contents in the Agreed Proportions.
5. Repair provisions
The Co-owners agree:
(a). 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.
(b). 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:
(a). 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;
(b). 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. 2525 82288252 828258828228 525 5225828
552 82-282258 52522 2552 2522 8888 82-2225522 22 2522 8585 52288852822 22 252 2525 82288252 525 2528522 525 52 588 8585 528522228, 5828 525 258228 58 252 82 228288552 22 2528552 2552 252 52252258522 52825882822 525 22525 228288552 2225828 85588 82 2222525 82 252 52288225 22 252 28282 22 252 25222522 225 252 2552282 22 288822 222282 22 2588 5225.
8. Pre-emption rights
I. 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.
II. 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.
III. 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.
9. Indemnity
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:...................................................
The Parties/signatories to this Deed are advised that signature of this document will have legal consequences. Where any Party is unsure or does not understand the legal obligations and responsibilities placed upon them under this Deed, they are advised to seek legal advice before signing.
CO-OWNERSHIP DEED
for Properties in England and Wales
This DECLARATION OF TRUST is made on: ________
PARTIES:
(A). ________ of:
________
(the "First Party")
(B). ________ of:
________
(the "Second Party")
(together the "Co-owners")
THIS DEED PROVIDES:
1. Background
I. The Co-owners are the trustees of land holding the following leasehold property:
________
Registered at HM Land Registry under title number ________.
(hereafter the "Property")
II. 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") as Tenants in Common both legally and beneficially on trust for themselves as set out in this deed.
3. Fixed shares
I. The net proceeds of any sale of the Property shall be divided in equal shares (the "Agreed Proportions") between the Co-owners.
II. 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).
III. 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:
(a). to observe and perform all covenants, restrictions, conditions and stipulations at any time affecting the Property and the terms and conditions of the Mortgage;
(b). 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);
(c). to keep the Property and contents insured against all usual comprehensive risks to the full reinstatement or replacement value of the same and, subject to the provisions of the Mortgage, to apply any money received on any policy of insurance effected on the Property and contents in replacement or reinstatement of the same;
(d). to pay the premium on any policy of insurance effected on the Property and contents in the Agreed Proportions.
5. Repair provisions
The Co-owners agree:
(a). 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.
(b). 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:
(a). 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;
(b). 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. 2525 82288252 828258828228 525 5225828
552 82-282258 52522 2552 2522 8888 82-2225522 22 2522 8585 52288852822 22 252 2525 82288252 525 2528522 525 52 588 8585 528522228, 5828 525 258228 58 252 82 228288552 22 2528552 2552 252 52252258522 52825882822 525 22525 228288552 2225828 85588 82 2222525 82 252 52288225 22 252 28282 22 252 25222522 225 252 2552282 22 288822 222282 22 2588 5225.
8. Pre-emption rights
I. 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.
II. 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.
III. 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.
9. Indemnity
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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