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TR1 form completion
aetbaar
Posts: 134 Forumite
I am getting a property I own with my partner transferred to sole name as we want to use their income to buy another property in future
We are trying to do this ourselves using form TR1 - where it says transferor do we put both our names and then just mine as the transferee to show that it will be in one name going forward or is the transferor just my partners name and me the transferee showing their share is going to me
We are currently both on the deeds
Also do we need to notify mortgage company straight away or can I do this after a few months as I will be changing mortgage then anyway
Do land registry contact the mortgage company or is that down to the individual ? So if we change deeds and then do the mortgage change after say 6 months is that ok - whilst it's probably preferable for them to be notified at the same time what are the legal obligations here and risks of not informing them?
Does anyone know any good online solicitors that deal with this type of change that they have good experience with?
We are trying to do this ourselves using form TR1 - where it says transferor do we put both our names and then just mine as the transferee to show that it will be in one name going forward or is the transferor just my partners name and me the transferee showing their share is going to me
We are currently both on the deeds
Also do we need to notify mortgage company straight away or can I do this after a few months as I will be changing mortgage then anyway
Do land registry contact the mortgage company or is that down to the individual ? So if we change deeds and then do the mortgage change after say 6 months is that ok - whilst it's probably preferable for them to be notified at the same time what are the legal obligations here and risks of not informing them?
Does anyone know any good online solicitors that deal with this type of change that they have good experience with?
0
Comments
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You cannot do this without consent of the mortgage company.
Even if they do consent they would probably require a solicitor to execute the transfer.
I would suggest you take some legal advice on what you are trying to achieve.0 -
The mortgage company have a charge/restriction on the property that prevents the 'transfer off (or on or anything else)' without their permission.
This permission is only given if they deem you acceptable to become solely responsible for the mortgage. If they do agree they will require the transaction conducted by a solicitor or licenced conveyancer.
Stamp duty implications may exist, as well as a number of other potential issues.
Take professional advice about your total plan before head off down a blind alley.Hi, we’ve had to remove your signature. If you’re not sure why please read the forum rules or email the forum team if you’re still unsure - MSE ForumTeam0 -
Correct re Transferor and Transferee
As others have posted you need to get your mortgage lender's consent and they will insist on your using a solicitor/conveyancer to complete the process.
In the circumstances it might be prudent to contact the lender you intend to change to. They can then advise if they are happy to lend to a sole owner etc“Official Company Representative
I am the official company representative of Land Registry. MSE has given permission for me to post in response to queries about the company, so that I can help solve issues. You can see my name on the companies with permission to post list. I am not allowed to tout for business at all. If you believe I am please report it to forumteam@moneysavingexpert.com This does NOT imply any form of approval of my company or its products by MSE"0
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