The thing is, we always wanted a 50% share of the freehold and got the current freeholder to peppercorn the rent until he was in a position to hand over the 50% to us and sell the 50% to the person who currently owns the leasehold of the downstaors flat (she rents it out to tenants).
My main concern is that the Declaration of Trust is the best way to go about splitting it. The sol advised that in the instance of only 3 people being involved (myself and my wife as 50% and the other person as 50% holders) it is the least complicated means of splitting it. He explained it as being a means of ensuring that if one of us dies then the other will maintain full control over our half. I just wondered whether there is anything else I should be aware of as the form does not stipulate responsibilities and I'm not sure where I would agree/find this.
The thing is, we always wanted a 50% share of the freehold and got the current freeholder to peppercorn the rent until he was in a position to hand over the 50% to us and sell the 50% to the person who currently owns the leasehold of the downstaors flat (she rents it out to tenants).
My main concern is that the Declaration of Trust is the best way to go about splitting it. The sol advised that in the instance of only 3 people being involved (myself and my wife as 50% and the other person as 50% holders) it is the least complicated means of splitting it. He explained it as being a means of ensuring that if one of us dies then the other will maintain full control over our half. I just wondered whether there is anything else I should be aware of as the form does not stipulate responsibilities and I'm not sure where I would agree/find this.