TR1 form - consideration

kerfuffle_2

Hi there

I was hoping for some advice on the TR1 form i have just received from my ex partners solicitor.

She is buiyng the house off me and we agreed a figure of £5750 to buy me out.

The TR1 i have just received under part 8 "consideration" states;

the transferor has received from the transferee for the property the sum of.....

"being half the debt plus £5750"

This entry does not feel right. Even though we are both the transferor and she is the transferee, I think it is worded wrong. Its almost as if i'm getting half of the debt as well as the money agreed!!!

Can somebody please advise if this line is written correctly and i have nothing to worry about and can just sign it?

thanks

shaun

Richard_Webster

The SDLT form will need to include half the debt (if there is a mortgage) in the SDLT calculation to see whether the total figure is over £125K (and SDLT is therefore payable) but I have never included that expression - I would simply put the actual amount being paid from one to the other as the consideration in a transfer and I have never had any problem in getting it registered.

kerfuffle_2

Thanks Richard.

Do you think I should just sign it or request for that line to be changed?

I don't have any suspicions of foul play or anything, it's just bothering me.

thanks

shaun

DVardysShadow

kerfuffle wrote: »

... The TR1 i have just received under part 8 "consideration" states;

the transferor has received from the transferee for the property the sum of.....

"being half the debt plus £5750"

This entry does not feel right. Even though we are both the transferor and she is the transferee, I think it is worded wrong. Its almost as if i'm getting half of the debt as well as the money agreed!!!

Can somebody please advise if this line is written correctly and i have nothing to worry about and can just sign it?

thanks

shaun

It is, as you correctly point out, wrong. But only subtly wrong. I would word it:

"being an amount equivalent to half the debt plus £5750"

kerfuffle_2

What does the "half of the debt" reference actually mean in this context?

Is it saying that my ex partner, as a fellow transferor, is getting this bit, and i'm getting the money?

thanks