TR1 Form

[skittycat]

Hi,

Hoping someone can offer some advice here. I am currently in the process of being bought out of a property and have received a TR1 form to sign to transfer the ownership etc.

In section 8 - consideration - it states 'the transferor has received from the transferee for the property the following sum (in words and figures) Five Thousand Pounds'

Now the above wording makes it sound to me like I should received the sum of money listed already - is this correct?

Also - the agreement was to buy me out for Ten thousand pounds, but I have already received half of the amount - should this transfer document still state the full amount of ten thousand or only the remainder to pay?

If anyone could offer a bit of advice on this before I go down a solicitor route I'd be very grateful 😊

Thanks

If you are receiving £10k for the deal, the document should list that. If the wording is as above, you/your solicitor should have the £5k on your behalf before you sign.

No. You sign and you give it to your solicitor who you are trusting to act on your behalf and not release the signed document until they are in funds.

Thank you both for your replies.

I feel I should perhaps ring the solicitor about the wording used as I am concerned that the person will then try and get back the money they have already given me.

I don't have my own solicitor at this point - the documents have come directly from the other persons solicitor (I'm being bought out as part of a break up and wanted to avoid using solicitors where possible)

Get your own solicitor. The other party's solicitor is acting only for them.
Why haven't you got a solicitor.?
Don't sign this until you've had some advice.
If you're worried about being done out of £5k then a few hundred pounds in solicitors fees will be well worth it.

Is there no mortgage on the property?

If I'm honest I naively thought I could do this without a solicitor. It's been a rather messy breakup in which I was threatened that the mortgage would be defaulted on specifically to screw up my financial history if I didn't agree to his demands.

Yes there is a mortgage on the property but the other person has had confirmation that they have a sole mortgage (and it is confirmed on the form that the current mortgage lenders relieve me of all financial responsibility etc)

I think I will have to go down the route of getting my own solicitor in place tbh.

Thank you all for your advice

He sounds an idiot then - if he defaults in the mortgage it will screw up his credit status too? Or more possibly likely it's just an empty threat??

Idiot is about right to be honest. He said he didn't care about his credit status as within 5 years he would have had enough money and the record would be clear again for him to start again.

It was most likely just an empty threat but I did not have the strength at the time to challenge him - just wanted out. Very messy situation and I think I just hoped that it would be straight forward at the end.

The tr1 is wrong. The consideration should be the amount he paid you plus half of the mortgage. You don't necessarily need a solicitor but you do need at least one between you who knows what they are doing.