PLEASE READ BEFORE POSTING

Hello Forumites! In order to help keep the Forum a useful, safe and friendly place for our users, discussions around non-MoneySaving matters are not permitted per the Forum rules. While we understand that mentioning house prices may sometimes be relevant to a user's specific MoneySaving situation, we ask that you please avoid veering into broad, general debates about the market, the economy and politics, as these can unfortunately lead to abusive or hateful behaviour. Threads that are found to have derailed into wider discussions may be removed. Users who repeatedly disregard this may have their Forum account banned. Please also avoid posting personally identifiable information, including links to your own online property listing which may reveal your address. Thank you for your understanding.

Transfer of Equity and TR1 Form

Hi there,
 1st time poster here, often get great advice on search but sadly this particular query hasn't been asked before...

I'm doing a TR1 for for a simple transfer of equity to put my partner on the Title. I wanted to check that I am following the right process.....

Under section 4 "Application, Priority Fees" it looks like I have to select  "Transfer of Part for Value" which looks like it carries a fee of £230!

My solicitor said that the registry fee should be £40 - have the fees increased?  I don't recall having to pay so much in a previous transaction.

Any advice welcome

N

Comments

  • loubel
    loubel Posts: 803
    Name Dropper First Anniversary First Post
    Forumite
    You want transfer of whole fees not transfer of part.

    Presumably you don't have a mortgage on the property?
  • propertyrental
    propertyrental Posts: 2,217
    First Anniversary First Post Name Dropper
    Forumite
    edited 1 December 2023 at 10:54PM
    transfer of part (TP1) is where part of a property title is being transferred (eg someone sell their garden).

    transfer of whole (TR1) is where ownership or the whole title is being transferred into new ownership.
  • samal
    samal Posts: 135
    First Post First Anniversary
    Forumite
    Apologies for jumping in.
    I want to add spouses name to my BTL as joint tenants, is it still TR1 and whole title?
  • I don't have a mortgage, so have done the transfer of whole. thank you.
  • Hoenir
    Hoenir Posts: 1,298
    First Post Name Dropper
    Forumite
    Are there any CGT considerations? 
  • samal
    samal Posts: 135
    First Post First Anniversary
    Forumite
    edited 4 December 2023 at 3:04PM
    Hi Nick_203
    Apart from TR1 which other forms you used and for ID1 who witnessed the form
    Thanks
  • samal said:
    Apologies for jumping in.
    I want to add spouses name to my BTL as joint tenants, is it still TR1 and whole title?

    Unless you decide that spouse will own downstairs, and upstairs will be on a new LR Title that you will own, then yes TR1!
  • samal
    samal Posts: 135
    First Post First Anniversary
    Forumite
    tempting   B)
Meet your Ambassadors

Categories

  • All Categories
  • 341.9K Banking & Borrowing
  • 249.7K Reduce Debt & Boost Income
  • 449.2K Spending & Discounts
  • 234K Work, Benefits & Business
  • 606.2K Mortgages, Homes & Bills
  • 172.5K Life & Family
  • 246.9K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 15.8K Discuss & Feedback
  • 15.1K Coronavirus Support Boards