A TR1 form transfers the whole of a property from one party to another and is the basis of a legally binding agreement. It also allows unregistered property to become registered. The TR1 form finalises the sale in property purchases, and is sent out to the third-party for completion, together with the funds for purchase. A stamp duty certification, form AP1 and a certificate of identity should accompany the TR1.
Before completing a TR1, you will need to establish whether a property is registered and what is in the register.
What Information does a TR1 form include?
The TR1 contains the following information:
The title number, plus a brief description of the property.
The date and details of each party involved in the sale and purchase/transfer.
A correspondence address used for each party.
A transfer clause, which is standard on all TR1 forms.
The amount paid for purchase of the property, or stipulation that the property is a gift.
Title guarantees, declarations of trust and additional provisions form the body of the TR1 and are all specialist matters involving covenants and ownership. These should only be completed by a professional.
Transfer Of Equity Solicitors
If a mortgage is involved, the lender will insist that a licensed conveyancer is used as part of the buying process. Conveyancing matters are complex, and mistakes in the process can cost either party greatly in terms of money or time. For expert advice and guidance throughout the process, instruct a specialist transfer of equity solicitor or a licensed conveyancer. Further details on these services can be found at parachutelaw.co.uk/transfer-of-equity-solicitor.
Most conveyancers will carry out their work on your behalf under a fixed fee arrangement, so it is straightforward and easy to budget for these services.