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Help: selling flat share of freehold TR1
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tightasagnats
Posts: 391 Forumite
Hello 
Selling my flat with share of freehold. 2 flats involved. I signed two TR1 transfer docs, one for the flat (I think) and one for the share of freehold which neighbours also signed. Neighbours solicitor is holding this co-signed TR1 form until deed of trust is received from new buyer. The buyer has signed the deed of trust but his solicitor has not yet returned it. They are very very slow. So in turn the TR1 for freehold will not be released to them for signing ....
My question is this: is that TR1 anything to do with the sale of the flat, I.e. Will that delay completion, or is that separate? My solicitor is saying not to worry, that this freehold transfer is between the buyer and my neighbour now. We plan to exchange Monday and complete the following Monday, and everything else is in place.
Thank you.
Selling my flat with share of freehold. 2 flats involved. I signed two TR1 transfer docs, one for the flat (I think) and one for the share of freehold which neighbours also signed. Neighbours solicitor is holding this co-signed TR1 form until deed of trust is received from new buyer. The buyer has signed the deed of trust but his solicitor has not yet returned it. They are very very slow. So in turn the TR1 for freehold will not be released to them for signing ....
My question is this: is that TR1 anything to do with the sale of the flat, I.e. Will that delay completion, or is that separate? My solicitor is saying not to worry, that this freehold transfer is between the buyer and my neighbour now. We plan to exchange Monday and complete the following Monday, and everything else is in place.
Thank you.
0
Comments
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You and the buyer could exchange contracts on Monday for the sale of your leasehold flat, and deal with the Freehold later.
But whilst you might be happy with that, the buyer might not be.
The risk is that the buyer would become committed to buying your flat, but your neighbour might later decide not to transfer the share of freehold.
If I were the buyer, I think I would insist that both contracts were exchanged at the same time - to ensure that I ended up with both both leasehold and share of freehold. i.e. no risk of ending up with just one of them.0 -
Thanks, yes I get that. It is their solicitor causing the delay though, and the form is signed, and being held in trust by my neighbour's solicitor who has stated this is writing. So hopefully they'll get their happy a** in gear and sort it out. Their solicitor has stated that they are ready to exchange.
Also the current and new declaration of trust states that neither party will prevent the sale etc of the other.0
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