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The Trust !!!

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The Trust !!! Empty The Trust !!!

Post by Mr007 on Sat Nov 12, 2011 5:44 am

Back at the house in Oxted, the three old school friends decided initially on a relaxed approach to this legal process.
Neil Tippett (left) and Andy Jones Neil Tippett (left) and Andy Jones have drawn up a legally binding deed of trust

"The three of us went down to the pub and sat there for a couple of hours, writing down our list," says Mr Tippett.

"I then went through those with a solicitor."

He came away with a "deed of trust", which outlined exactly what should happen if one of the owners wanted to leave or there were major changes in their lives.

For example, if one of the trio loses their job, the other two will club together for three months to cover his share of the mortgage bill and hopefully allow time for him to get back into work.

The deed of trust also sets out a notice period if one of the housemates wants to leave, to allow time for another buyer to replace him or the other two to continue on their own.

It also states the level of offer they would accept if they decided to sell the property.

For now, they are happy where they are, as joint ownership has allowed them to step onto the first rung of the housing ladder together.

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