A declaration of trust is a legal document that sets out the terms on which an asset (e.g. your home or other property) is held on trust. The document usually records the portion of the ownership of the property, as well as other terms agreed by the parties.
What can I expect to pay?
A simple declaration of trust is charged at a fixed rate of £250 plus VAT.
More complex deeds may incur higher costs.
VAT is charged at 20%.
Are there any hidden costs or disbursements?
We will always be upfront with our fees at the start of a transaction. Disbursements are not always known at the outset but we would not expect there to be many disbursements for a declaration of trust. Common disbursements you can expect to pay include:-
Disbursement Average Cost
Copies of documents from HM Land Registry (e.g. title registers, title plans etc) £3.00 per document
ID checks (required under the Anti Money Laundering Regulations) £25.00 plus VAT per person
What work is included in those costs?
Every matter is of course different, but in general you can expect our costs to include:-
- Obtaining and reviewing copies of the title deeds.
- Advising you on the legal implication of the declaration of trust.
- Preparing the trust deed and arranging for its execution.
Is there anything not included?
Our costs include all work that is usually required to complete the declaration of trust. However, you may require additional legal services as a result (such as updating your Will) and these would be charged separately. You can find more information about the other legal services we offer here.
How long will the transaction take?
We would expect a simple declaration of trust to be completed within 1 – 2 weeks. If this is taking place during the course of a property transaction, it may increase the time taken for your matter to complete.
