TR1 and exchange

Eddie2023

Hi, is the TR1 needed by the buyers solicitor before exchange can happen ? (and a completion date agreed)

Our estate agent is saying it is, our solicitor is saying he won't send til after exchange. Stalemate

user1977

It’s only stalemate if you somehow think an estate agent is as qualified as your solicitor to advise you on something which the solicitor does day in and day out…

why does the estate agent think the TR1 is needed for exchange?

Mark_d

I don't believe it is needed before exchange but it is normally done before exchange.

During a sale, after buyer and seller have made contact via estate agent, I would only talk to my solicitor.  Anything important about the sale/purchase should go through the solicitor.  If your buyer's solicitor wants a TR1, they should request this from your solicitor

Eddie2023

Hi, thank you both. I've emailed our solicitor but wanted to better understand the process

Flat_Eric

Eddie2023 said:

Hi, is the TR1 needed by the buyers solicitor before exchange can happen ? (and a completion date agreed)

Our estate agent is saying it is, our solicitor is saying he won't send til after exchange. Stalemate

Have you signed the Transfer?

chanz4

You send the tr1 to your sol signed by you, the buyer sends it to theres

Eddie2023

Hi, thank you. Yes we've signed the TR1. An update today is that the buyers solicitor wanted approval of the TR1 which our solicitor says was sent last week. Hopefully they can sort it asap, the chain were hoping to complete next week but we've not exchanged yet 

propertyrental

the solicitors will each review and approve DRAFT TR1s, but the actual signed TR1 is provided on Completion.

EssexHebridean

Absolutely another vote here for not listening to an Estate Agent on legal stuff - they frequently manage to create all sorts of hassle within chains by pontificating about things way outside of their expertise. 

Agree completion date, get contract signed.
Exchange happens once above is agreed.
Remaining paperwork signed ahead of completion date. (Although this can be done earlier, it doesn't actually need to be)
Once completion has happened, TR1's get sent between the two solicitors.

Standard for both sides solicitors to agree that the TR1 form is correctly worded and everything included that needs to be ahead of exchange though - it's a problem if an agreement can't be reached otherwise as you would already be committed to proceed. 

There is also no reason why completion can't  still happen next week - exchange can happen any time before an agreed completion date or even simultaneously on that date in some cases - although that rarely happens when there is anything more than an extremely short chain.  when we sold & bought last year the intention had been to exchange two weeks ahead - thanks to the incompetence of our buyer's conveyancer it ended up being just 2 days ahead - it was a pain in the backside, but doable. 

Flat_Eric

Eddie2023 said:

Hi, thank you. Yes we've signed the TR1. An update today is that the buyers solicitor wanted approval of the TR1 which our solicitor says was sent last week. Hopefully they can sort it asap, the chain were hoping to complete next week but we've not exchanged yet 

It is usual for the buyer's solicitor to draft the transfer and send it to your solicitor for approval (and if approved) you will be asked to sign/get your signature witnessed

Once this is done, your solicitor holds it on their file until completion BUT either prior to exchange or on exchange, your buyer's solicitor may request to see a copy of the transfer you've signed.

Eddie2023

Hi all, thank you for your comments. Estate agent had confused things by saying the TR1 was needed, when in fact it was the approval of this which our solicitor had already sent and the buyers solicitor has now "found". All back on track for next week, fingers crossed !