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Harris
Harris, Law Specialist
Category: Law
Satisfied Customers: 2723
Experience:  Family Law - Specialist in Divorce, Financial Relief and Children Matters
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I am completing a TR1 form. I am the outgoing party and my

Resolved Question:

I am completing a TR1 form. I am the outgoing party and my ex-partner has agreed to pay me £32,000. We owned the property as tenants in common. There is an outstanding mortgage, but the mortgage company have agreed to transfer this solely into his name. I have two, hopefully fairly simple, questions:1. In section 8 it says that "The transferor has RECEIVED from the transferee...". I haven't yet received the funds as we need to sign all these forms before everything can be completed. Is it normal for the transferor to sign the form, with this wording, before the funds are received?2. Since we currently both own the property we are both down in section 4 as the transferor(s). Does this cause a problem with the agreement in section 8, ie will it mean the £32k would legally be paid to both of us, from him, meaning I would only receive £16,000?Thanks
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Submitted: 11 months ago.
Category: Law
Expert:  Harris replied 11 months ago.

Hi, thank you for your question. In specific response to your numbered questions:

1. It is usual to put the intended consideration in this section even though it is yet to be received;

2. It is usual for joint owners to both be named transferors even though one is being removed from the title upon payment of a settlement - therefore this should not cause any issues.

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