A TR1 Form is a specific document that proves the transfer of property ownership from one person (or entity) to another. This transfer is then registered at the Registry of Land and noted on the official copy entries. Following this, it is a critically important document that any landowner or aspiring owner should read carefully. You need to carefully review it with your conveyancer before signing anything to minimise errors and confusion. Here are a few things you need to know about a TR1 form.
Instances When You Should Use a TR1 Form
The TR1 form is a major property transfer form. It is used in two main instances;
- When you need to transfer the property in one or more title deeds
- When you are registering your property for the first time
Parties Required to Fill Out a TR1 Form
The First Party
Surname and given the name of the first party (person selling the land) with their passport number or National Identity Number (NIN) are required. This is where you will enter the name of your buyer’s solicitor if it is different from that of your buyer.
The full postal address, including their postcode and country (do not enter town or county). This is most definitely a necessary information that you need to know to properly fill out a TR1 form. Without this detail, your form could be rejected by HM Land Registry.
The Second Party
This is the second party is the person buying the land. They are also known as the “second party”. It’s important to note that a second party is always a different person from the seller. To fill out a TR1 form, you will need to provide information about them, including; the surname and given name of the second party with their passport number or NIN, their nationality, and occupation (including their address). You will also need to confirm whether they’re a company, corporation or trust. You’ll need relevant details such as their company registration number and trust deed if they are one of these.
The Third Party (ies)
These third parties are any additional parties involved in your agreement who have a legal interest in the property. It could include, for example, a beneficiary of a trust or someone with interest in the property; if you’re buying land in the joint names of two individuals.
As with the second party, to fill in your TR1 form correctly, you’ll need their surname and given name, passport number or NIN, and details of their occupation (including their address).
How to Fill Out the TR1 Form
To correctly complete the TR1 form, you need merely enter the following data: the date of sale, the date of purchase, names (with addresses) of buyers and sellers (as registered on title), lawyers’ names, descriptions of properties involved in the sale or; status, and conditions (if any).
Also, mention full legal names of spouses where applicable. Since more detailed instructions accompany each section, make sure you read them and understand them before filling anything.
Ensure that your conveyancer has completed their portion of the TR1 form, which is almost as relevant as yours. This will indicate clearly what type of conveyancing agreement you have been involved in and who should receive any future correspondence regarding the sale (if applicable). The bottom part should be signed by you and your conveyancer.
Tips for Conveniently Filling the TR1 Land Transfer Form
Here are some quick tips to help you fill out the TR1 form
Consult a Conveyancer
If it’s your first time or you have ever purchased or sold a property before, we suggest you consult your conveyancer for assistance. However, if you feel comfortable doing so, below are a few tips that may assist you in filling out the TR1 form.
Note Down all the Prices
Write down all the prices involved in this transaction, including fees, taxes, and costs like legal fees and other charges. There is also a place to list your deposit payment amount (if any).
Most experts recommend entering all bank account numbers of the selling parties on the TR1 form to avoid any future complications arising from payments made through cheques or bank drafts.
There is also a section on how much each party receives after paying off their respective debts and how much is left for the buyers and sellers to keep. You will have to write down where and how each party spends their share of the money received from the sale transaction separately.
Keep Receipts
There are a few instances where keeping receipts is recommended (even if they were not needed in the past). For example, if you are selling a lot with an existing house (normally there will be no receipt needed). However, if it is empty, consider keeping any receipts of building materials used in that house as proof just in case they are ever asked for.
Another instance would be selling land and vacant lots (again, normally no receipt is required). If you have built a house on that land or put some structure on it, keep all records and ask for receipts from all materials used in its construction (foundation, roofing tiles, shingles, grating, metal sheets or any mesh).
Conclusion
Selling or transfer of estate property is a process. As a seller, you can take measures to ensure that everything goes smoothly and there is minimal friction between parties involved. One thing to remember about the real estate process is that it takes time for anything to get resolved. The quicker you can jump on issues, the better your chances of getting the best possible result. As such, ask your conveyancer to keep you informed as soon as they become aware of any issues in an effort not to let things drag on too long. Be sure to have all proper documents in place; title search and property description.
