A declaration of solvency is required by a mortgage lender and or a buyer when the owner is gifting their share in a property for zero consideration. The gift means the owner no longer owns the property/asset which has a value.

Such transactions require a declaration to be made in front of a solicitor. We charge a fixed fee of £150 INC VAT per person and have availability at short notice. Terms apply.

Statutory Declaration Online Instruction
Book a meeting today with our solicitor. Availability within 2 to 3 working days.
 
Transaction reference:
(If you are already a Parachute Law client you must use your quote reference to sync your details to your account)
Transaction Reference:
(If you are already a Parachute Law client you must use your client reference to sync your details to this form, it'll save you filling your details in again)
Text me my security code
Security Code
Who is making the declaration?
Title
First name
Middle name/s
Last name
Mobile number
Home Postcode
Flat No:
First line
Second line
Town/City
County
Property details your deed relates to
Postcode of property
Flat No:
First line
Second line
Town
County

What statutory declaration are you making?

Have you been made bankrupt?

Are you aware of any bankruptcy proceedings?

What is the name of the solicitor firm we need to send the declaration to?
Solicitor's Full Name
Full Address
email
Attach Documents
You can attach a scan .PDF or a .JPEG. There is a free to use App called TurboScan for Android or IOS phones which converts a photo to .PDF on your mobile.

    1
    Proof of Photo ID
Attach a copy of your current valid passport or driving licence for all parties.
    2
    Proof of Address
Attach 2 scan copies of your home address (you can't use the same company twice for different months. You can use a utility/mobile bill, formal notice like HMRC letter or council tax or bank statement no older than 3 months).
    3
    Specific Declaration of Solvency (if applicable)
some solicitors provide you with the exact wording they require for the declaration. If this is the case then please attach.
Pay to instruct
If you have already paid then key in your password sent to you via email in the below box and click Book an Appointment. If you haven't yet paid then you can do so using a debit or credit card using Paypal (you don't need a Paypal account) or call to pay by card over the phone and get your password call 0207 183 4547.

Type payment code here
Fixed Solicitor Fee
(see Terms for scope of work)

£0.00
Loading....
Pending...

You cannot gift a property for no consideration if it would mean you couldn't afford to repay your debts/liabilities.

Your assets (assets meaning valuable things you own like money in the bank, car, jewellery or houses) must outweigh your liabilities (HMRC taxes, loans, mortgages, contracts with suppliers). If you are made bankrupt after the gift then the transaction could be reversed in order for the property to be sold to pay off the creditors.

You can make the declaration yourself, but it must be witnessed by a solicitor.

    1
    Subject as follows in this section and sections 341 and 342, where an individual is adjudged bankrupt and he has at a relevant time (defined in section 341) entered into a transaction with any person at an undervalue, the trustee of the bankrupt’s estate may apply to the court for an order under this section.

    2
    The court shall, on such an application, make such order as it thinks fit for restoring the position to what it would have been if that individual had not entered into that transaction.

Frequently Asked Questions
Under the Insolvency Act 1986 - Section 123 - Definition of inability to pay debts it states "A company is also deemed unable to pay its debts if it is proved to the satisfaction of the court that the value of the company’s assets is less than the amount of its liabilities, taking into account its contingent and prospective liabilities".
Under the Insolvency Act 1986 - Declaration of solvency, Section 89 - Statutory declaration of solvency Directors of a company are required to make a declaration of solvency when voluntarily winding up a company.
You need to sign a declaration of solvency in the presence of a solicitor who counter signs your signature. The solicitor doesn't check your financial position, they only witness your signature.
Talk to a solicitor
We are friendly and helpful so please get in contact today to get straight talking legal advice from a specialist solicitor about a declaration of Solvency or independent legal advice for your mortgage product.