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TR1 advice
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nadine12
Posts: 48 Forumite
Hi
I am in urgent need of advice regarding the wording on a TR1 and would be grateful for any help! My ex husband remained in our jointly owned property (we have been separated a few years) as until now he was unable to get a mortgage on his own. He has now been given a mortgage offer and is taking me off the property. The house is only worth around £130,000 with a joint debt of £103,000 (interest only mortgage and a small secured loan). I’m not taking any equity out of the property (or he wouldn’t be able to get the mortgage) so no money is changing hands. I’m on a very tight budget and have had a fixed fee service to check the TR1 (which doesn’t include negotiating any terms). The solicitor is concerned about this wording in section 8 and has told me to clarify, I can see why she is concerned as I’m not technically ‘benefiting’, he is taking on the debt as it is his choice to stay in the house and he is keeping the equity! Do I need this re-worded or is it correct? It says:
I am in urgent need of advice regarding the wording on a TR1 and would be grateful for any help! My ex husband remained in our jointly owned property (we have been separated a few years) as until now he was unable to get a mortgage on his own. He has now been given a mortgage offer and is taking me off the property. The house is only worth around £130,000 with a joint debt of £103,000 (interest only mortgage and a small secured loan). I’m not taking any equity out of the property (or he wouldn’t be able to get the mortgage) so no money is changing hands. I’m on a very tight budget and have had a fixed fee service to check the TR1 (which doesn’t include negotiating any terms). The solicitor is concerned about this wording in section 8 and has told me to clarify, I can see why she is concerned as I’m not technically ‘benefiting’, he is taking on the debt as it is his choice to stay in the house and he is keeping the equity! Do I need this re-worded or is it correct? It says:
The Property is subject to a charge in favour of Elderbridge Limited and Landmark Mortgages under which there is currently owed the sum of £103872.29 and in consideration of this Transfer the Transferee has agreed to contemporaneously discharge the same and as a consequence the said (my name) is benefiting in the sum £51936.145 .
Solicitor says she hasn’t seen it documented in this manner before. Are there any implications for me if I sign this?
Solicitor says she hasn’t seen it documented in this manner before. Are there any implications for me if I sign this?
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Comments
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Sounds like they are saying that you are benefitting by no longer having any responsibility towards your share of the remaining mortgage - exactly 50% of the outstanding mortgage debt. I suppose that's one way to look at it. I would have thought the person to seek advice on this would be a solicitor though - Do you have any legal cover on home or car insurance? They usually provide legal advice on other matters, don't have to be related to your car or your home. Also, if you are in a trade union, they will have access to free legal advice.
If it was me, I'd probably just want clarification that it means after the transfer you no longer have any responsibility for the mortgage debt.0
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