Owning your own home

Hi,

Just looking for a bit of reassurance. We are in the process of acquiring a share of the freehold. It is being handed to us free of charge as this is what was promised when we bought. The previous freeholders lived in our flat but held the entire freehold. Now that the person downstairs has extended their lease they are honouring their word and giving us half.

The paperwork has come through and we are being asked to sign a Declaration of Trust. Is this standard for a 50% share of freehold and are there any negative implications?

I'm just slightly nervous because the other future freeholder doesn't live below and I believe she owns a few flats and it is her solicitor we are using. He has not been very communicative with us and we are feeling a bit in the dark. The freehold is being split so that myself and my wife own 50% and this other lady owns 50%.

Thanks in advance for any advice.

Declarations of Trust can cover much more than just how the freehold is divided e.g., maintenance, insurance etc. If you want to have some say in what the other freeholder does with her half of the property then you could look into applying for a restriction with the Land Registry. You'd obviously have to discuss this with her first, for example, if you want to have a say in whether she can sell it.