Does TP1 mean an old build?

fatcatonamat

The story goes:

Owner purchased property in 2021. Decided to split it into two separate dwellings and do some renovation work. 

Land registry is under his name as a whole ( for both dwellings). Currently, in the process of arranging TP1 so that title can be transferred to us- we are under process of buying the second half. 

It is NOT a developer. It is NOT a new title. It is just a transfer of parts. 

Does the property count as an old built or a new built?

thanks. 

Tiglet2

It's a new build.  

A bit like huge developments where a developer buys a plot of land (could be acres) which is filed at Land Registry under one title.  The developer builds 50 houses on the plot and has to split the one title into 50 titles as and when the individual plots are sold on.  This is a Transfer of Part (TP1).  Land Registry do them in a particular order as one follows another. 

What you're describing is that, but on a very small scale.  Your seller is now splitting his one title into two - The seller (I think) keeps his (reduced) title, and a new one is generated for your plot.  So, not only do you need a new title number and therefore a new register, but two new title plans have to be created.