My parents and I purchased a house together; its the only residential property any of us own we all live the same house. They had a declaration of trust drawn up outlining the shares between myself and them, based on our contribution to the deposit and ongoing mortgage repayments. The dec of trust made clear that the percentage ownership would change as we paid off the mortgage. The monthly payments were made from my account but they would sometimes make large payments against the mortgage.
After we had paid of the mortgage they decided to gift me a larger share, more than my contributions. However, we never created a new declaration / deed of trust, rather we just wrote a document which had the new split and signed it, from reading online about how people should record gifts they had given / received this seemed is sufficient for gifts.
We are careful to pay our own bills to ensure it doesn't become' gift with reservation'
Is such a document legally valid. Its signed by all 3 of us or do we need to sign a new dec of trust to make it official? One concern is that if we sign a new dec of trust then the 7 year rule will restart from 2018, rather than from 2013.
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