How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site. Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask Clare Your Own Question
Clare
Clare, Solicitor
Category: Property Law
Satisfied Customers: 34273
Experience:  I have been a solicitor in High Street Practise since 1985 with a wide general experience.
13262538
Type Your Property Law Question Here...
Clare is online now

I just wanted to inquire about the consideration amount on

Resolved Question:

I just wanted to inquire about the consideration amount on the TR1 . Myself and my partner have agreed the settlement figure for the transfer of property in ex partner name to be 34K GBP. She has already paid me 20k and the remaining 14k was agreed as per separation agreement to be settled at the time of transfer or sale of property, whichever is earlier. The separation agreement was done by one solicitor and she didnt hire her own.
Now her solicitors have sent me TR1 to transfer the property in her name and the consideration BOX is showing that their is no monetary consideration for the transfer, because my ex partner cant afford to pay the 14k in full at the time transfer and is asking if she can pay this amount in installments. However her solicitor have advised her that they cannot put installment arrangement on TR1 and they are obligated to pay the outgoing party any amount mentioned on the TR1, hence to help my ex partner they have not mentioned any amount on TR1.
I am cautious of the fact by not stating full 34k on the TR1 as the transfer consideration will create money laundering or tax issues later for me. Please advise what is best solution in which i can protect myself against any problems in future.
Submitted: 2 years ago.
Category: Property Law
Expert:  Clare replied 2 years ago.
Hi
Thank you for your question
My name is Clare
I shall do my best to assist you but I need some further information first.
How has she suggested that she will protect your monies if you accept this solution?
Clare
Customer: replied 2 years ago.

Just a word of mouth and via email. Though i do have separation agreement but that states that 14k will be paid on transfer.

Customer: replied 2 years ago.
Relist: Incomplete answer.
Expert:  Clare replied 2 years ago.
Hi
My apologies for the delay.
The figure in the TR1 shoudl be £34,000 and your ex should provide you with written confirmation as to how she will pay the instalments - and indeed arguable there shoudl be a Declaration pf Trust confirming that until the money she hold the property on behalf of you both.
I hope that this is of assistance - please ask if you need further details
Clare
Customer: replied 2 years ago.

she has already paid 20k and will give me written confirmation of remaining 14k to be paid in installments..

My question is, can she not mention the 34k on TR1 . Is no mention of 34k on TR1 ok and is not going to create any issues for me in terms of money laundering etc ??

Expert:  Clare replied 2 years ago.
Hi
She can not mention it but it is inappropriate not to.
It is unlikely that you will face problems if it is not on there - but technically it is wrong that it is not.
Clare
Customer: replied 2 years ago.

thanks... one final thing. Her solicitor is saying that if they put any consideration on TR1 i.e 34k then " she has to pay them 34k so that they can pay that amount to outgoing party irrespective if the 20k is paid before the transfer" so any amount mentioned on TR1 needs to be paid to solicitor so that they can transfer to outgoing party , is this correct ?? .Cant they put 34k full amount on TR1 and I can tell them its been paid and deal with my partner privately for the remaing 14k.

Expert:  Clare replied 2 years ago.
Hi
No that is not correct - it can be put in based on the agreements that you have reached between you
Clare
Clare and 2 other Property Law Specialists are ready to help you