Created for the Joint Mortgage Sole Proprietor mortgage, this deed confirms a zero beneficial interest for the non-legal owners for Stamp Duty Land Tax purposes and includes how to sell (something a non-legal owner can't do without a deed) and indemnities in the event of the legal owner failing to pay the mortgage.

This service is available at a Fixed Fee of £299 INC VAT. Terms apply.

 
Order a Deed of Trust Online Instruction
Use our online form to provide us with all the information our solicitor needs to draft you a deed of trust for your Joint Borrower Sole Proprietor Mortgage.
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
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Details of the Parties to the Deed
Please enter legal owner(s) first.
Title
First name
Middle name/s
Last name
Mobile number
Home Postcode
Flat No:
First line
Second line
Town/City
County

What is the relationship between you and the other party?
Are you a legal owner of the property?
A legal owner is named on the title at the Land Registry.
Are you a beneficial owner of the property?
A beneficial owner does not need to be a legal owner.

How do you want to share any gain or loss in the property?
You can choose from:
  • Fixed Shares - this is a fixed percentage that doesn't change.
  • Return initial deposit and share any gain or loss by a fixed percentage - this is where you return the deposit/current equity in the property as at the date of signing the deed and then return any gain or loss by a fixed percentage.
  • Floating Shares - floating or variable shares change over time based on your financial contributions toward the property. This form should not be used for floating deeds, so please fill out this form.
  • 100% as Joint Tenants - this is for owners changing from Tenants in Common to Joint Tenants.

What is your beneficial interest split? (%)

What is your initial deposit? (£)

What is your share of the outgoings?
Outgoings include but are not limited to rates, utilities and insurance. They are typically shared in the same percentage split as your beneficial interest. Where one party pays more of the outgoings you may want to look at getting a Floating Deed of Trust.
Add a party to the deed ( Same Home )
Property details your deed relates to
Postcode of property
Flat No:
First line
Second line
Town
County

Is the property freehold or leasehold?

Is the property a residential or a buy to let?

Do you currently own the property?

How do you currently own the property?
If you are unsure we will check for you. Joint Tenants cannot hold separate beneficial shares in a property. If the property is currently held as Joint Tenants then we can help sever the joint tenancy so the property is held as Tenants in Common for an additional fee.

What is the property's current price?
If you are buying the property this is the price you are paying. If you already own the property this is the estimated current market value as at today's date.

Is there a mortgage registered over the property?

What is the mortgage value?
If you are buying then this is the total mortgage debt as at completion (this may include mortgage valuation and admin fees added onto the mortgage debt). If you already own the property this is the estimated current total mortgage debt as at today's date.

What is the name of your mortgage lender?
If you are buying then this is the name of your mortgage lender helping you fund the purchase. If you already own the property it is the name of your mortgage lender who has a registered charge over your property.

Do you have any special requests?
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).
Pay to draft deed
If you have already paid then key in your password sent to you via email in the below box and then click Draft my Deed. 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 Fee for a Joint Borrower Sole Proprietor Deed of Trust

£0.00
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Deed of Trust Order Confirmation

What happens next?

    1
    We review your intentions our solicitor reviews your intentions and the Land Registry title ownership and asks for clarification on any points they deem necessary.
    2
    First Draft our solicitor drafts your deed and this is sent to you for your review. You have one free revision built into the quote you have paid for. We aim to deliver your first draft within 2 to 3 working days.
    3
    Final Deed the final deed is sent to you to execute and send onto your conveyancing solicitor if you are getting the deed registered. If we are registering the deed for you then we will guide you through what happens next in our email.



Frequently Asked Questions

We have created a template deed of trust for this unique mortgage product as a document to protect the relationship between legal and non-legal owners and to confirm in writing that the non-legal owners have no beneficial interest. The joint mortgage sole proprietor deed of trust includes the following clauses:

  • Lists the names of all legal and beneficial owners
  • Declaration of trust confirming how the beneficial interest is held between the joint owners
  • Indemnities to protect the non-legal owner in the event of a breach in the mortgage terms by the legal owner
  • States the individual co-owner's contributions toward outgoings
  • What are the maintenance obligations and who is responsible for them
  • Process for how to sell the property in the future

We can add additional clauses into the joint mortgage sole proprietor deed of trust, to suit your intentions/circumstances. However, these will be chargeable at our solicitors hourly rate. Email us for a bespoke quote on thelegalteam@parachutelaw.co.uk

The property is held on trust by the legal owner and the non-legal owners have no beneficial interest in the property.

The non-legal owners can state they have a beneficial interest in the property, however this may have tax implications. The parties should speak to a tax specialist for advice on this - we have an accountant we can introduce to you if you require.
A Joint Mortgage Sole Proprietor arrangement can have second home stamp duty implications even if some of the joint owners aren't named on the legal title.


HMRC states:
"Where an individual (who is not a spouse or civil partner of another purchaser) is one of the purchasers of a dwelling but they will have absolutely no beneficial interest in the property, they will not be treated as a joint purchaser of that dwelling. This would have to be evidenced in writing. Any future entitlement to capital proceeds from the sale of the property, to income or to occupy the property would mean that they do have a beneficial interest."

The deed of trust confirms that the non-legal owner has no entitlement to future proceeds and no legal right to reside at the property in accordance with the HMRC requirements for evidencing that the non-legal owner has no beneficial interest in the property for second home stamp duty purposes.

You should obtain tax advice from a specialist.

Talk to a solicitor

Get in contact today to get straight talking legal advice from a specialist solicitor about a deed of trust or independent legal advice for your mortgage product.