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TR1 form - is the consideration statement correct?
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kerfuffle_2
Posts: 18 Forumite
Hi there
I was hoping for some advice on the TR1 form i have just received from my ex partners solicitor; I did post this yesterday but I was hoping for more of a 'yes' 'no' reply in terms of whether i should sign it.
The agreement was that she will buy me out of my half of the house (mortgaged) for £5750
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"
Is this OK for me to sign? Its the 'half the debt' part that makes me uncomfortable since the agreement is just the £5750. Is it just the wording is wrong or the statement?
Should I sign this? Please can someone advise; I'd like to get this done asap so I don't want to hold things up due to a lack of understanding on my part.
thanks
shaun
I was hoping for some advice on the TR1 form i have just received from my ex partners solicitor; I did post this yesterday but I was hoping for more of a 'yes' 'no' reply in terms of whether i should sign it.
The agreement was that she will buy me out of my half of the house (mortgaged) for £5750
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"
Is this OK for me to sign? Its the 'half the debt' part that makes me uncomfortable since the agreement is just the £5750. Is it just the wording is wrong or the statement?
Should I sign this? Please can someone advise; I'd like to get this done asap so I don't want to hold things up due to a lack of understanding on my part.
thanks
shaun
0
Comments
-
Hi there
I was hoping for some advice on the TR1 form i have just received from my ex partners solicitor; I did post this yesterday but I was hoping for more of a 'yes' 'no' reply in terms of whether i should sign it.
The agreement was that she will buy me out of my half of the house (mortgaged) for £5750
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"
Is this OK for me to sign? Its the 'half the debt' part that makes me uncomfortable since the agreement is just the £5750. Is it just the wording is wrong or the statement?
Should I sign this? Please can someone advise; I'd like to get this done asap so I don't want to hold things up due to a lack of understanding on my part.
thanks
shaun
the lawyer is spot on, you are being released from half the mortgage you jointly have, so add that to the £5k for stamp duty reasons. irrelevant if total is under £125kMy posts are just my opinions and are not offered as legal advice - though I consider them darn fine opinions none the less.:cool2:
My bad spelling...well I rush type these opinions on my own time, so sorry, but they are free.:o0 -
I think you need it to include the "half the debt" part because otherwise you would still be liable for your half of the mortgage. This clears you from your share of the mortgage and gives you £5750 on top of that.0
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