Filling in a TR1 form Flashcards
What do you put for ‘3. Date’
“date to be inserted on
completion”
The TR1 will be dated by the seller’s solicitor when they complete (usually
done over the phone) with the buyer’s solicitor.
What do you put for ‘2. Property’?
Insert the address of the property as written in the Property Register of the official copies if the land is registered.
A plan will always be required if only part of the property is being sold (whether registered or unregistered).
What do you have to do with ‘2. Property’ if the land is unregistered?
You would need to describe the property (as it will have been described in the last conveyance) and refer to a plan.
What do you put for ‘4. Transferor’ if the co-owners were joint tenants?
The surviving joint tenant is able to sell the property on their own due to the rule of survivorship and their name alone will be stated in this panel.
What do you put for ‘4. Transferor’ if the co-owners were tenants in common?
The surviving tenant in common will need to appoint a second trustee.
Both the names of the surviving tenant in common
and the second trustee will need to appear here.
What do you do to ‘8. Consideration’ if VAT were payable on the transaction?
You add ‘plus VAT of [the amount of VAT payable’ after the purchase price.
What’s the treatment for VAT for SDLT?
SDLT (a post completion step) is payable on the purchase price.
When do you cross ‘limited title guarantee’?
If a property is sold by a party who was not the registered owner, i.e. a bank which has
re-possessed the property or a sale by Personal Representatives.
What are the wordings to put in ‘11. Additional provisions’ if a second trustee needs to be appointed?
‘For the purpose of giving a valid receipt for the purchase price, [name of sole proprietor] (‘Current Trustee’) in exercise of the power under section 36(6) of the Trustee Act 1925 appoints [name of addition trustee] to be a trustee of the Property with the Current Trustee.’
When does a second trustee needs to be appointed?
When the sale is by a sole surviving tenant in common.
