How to Speak to Your Partner about Getting a Deed of Trust

Sean Jones
Sean Jones
Senior Associate Operations Manager - Private Client

Bringing up a Deed of Trust (also called a Declaration of Trust) to your partner can feel a little bit awkward. But the reality is that wanting to protect your share in a property could benefit both of you in the long run as it will protect you if your relationship breaks down or if one of you passes away.

If the worst happens, a Deed of Trust could save you some messy and expensive legal issues further down the line.

Money can be a touchy subject to some, but it’s really important to be open and honest with your partner. A property is a huge investment, so you need to make sure you’re happy and prepared when you’re buying a home.

If you can see the benefits of having a Deed of Trust in place then your partner will likely see them to. If not, it’s good to have a list to back up why you want to protect your share of the property.

Our Conveyancing Solicitors are experts at all things property and can help you with your Deed of Trust. We can also talk to you about owning a property as Tenants in Common.

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We’ve listed some of the things you could say to your partner to show them the benefits of having a Deed of Trust in place.

“A Deed of Trust will protect both of us”

It’s important that you approach what could be a touchy subject with your partner by keeping both yours and their interests in mind.

If you’re the higher earner then you may feel guilty about wanting to protect your share of the home, especially if you paid more for the deposit than your partner or if your parents helped you pay for it. But it is perfectly valid to want to protect your contributions.

And as the future can be unpredictable, you never know what could happen to you. So it’s important to let your partner know that a Deed of Trust will protect their shares in the property just as much as yours.

“We can protect our deposits but split the rest equally”

In some cases, one of you may contribute more money towards the deposit, for example if your parents have helped one of you pay for it. Yet you may still be planning on splitting the bills and mortgage payments equally.

If this is the case, you can use a Deed of Trust to make sure you get the same amount of deposit back if you sell your home, but still split the sale price equally. This means you can give yours or your partner’s parents their money back, while still splitting everything else fairly between just the two of you.

One of the benefits of a Deed of Trust is that you can tailor it to suit your needs and situation.

“Let’s get a Floating Deed of Trust”

A Floating Deed of Trust means that your interests in the property can go up and down during your lifetime. This means that rather than just protecting the money you put into the property now, a Floating Deed of Trust takes how much you pay for mortgage payments and home developments into account too.

This could be the perfect option to cover you both for now and in the future. If one of you begins to earn more or pays more towards the monthly mortgage repayments, a Floating Deed of Trust can reflect that. So if you ever do end your relationship, then the shares you’re entitled to will reflect your up to date financial situation.

One of our Conveyancing Solicitors can help you put a Floating Deed of Trust in place, just ask us for more information.

“We should get a Deed of Trust, just in case”

If you and your partner have found your dream home together, your relationship ending or thinking about what will happen if you die will probably be the last thing on your mind. But it’s important to be prepared for whatever the future might hold.

One reason why people feel uncomfortable bringing up a Deed of Trust is because they don’t want to focus on the worst case scenario.

A Deed of Trust will protect your share of the deposit if you choose to sell your home, but this doesn’t mean that your relationship has to come to an end. You may choose to sell your current property and move into a new home together that fits your needs better years down the line.

And then you can have your shares in that property reflect your financial situation at the time. But making sure you’re protected for the future is an important part of any investment, especially when investing in a new home.

If you have any questions about a Deed of Trust, or want to protect your share of your property, our expert Conveyancing Solicitors can help you.

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