How Does My Property Conveyancing Solicitor Prepare The Transfer Deed?
Posted on 16th June 2020
What is a TP1?
The Transfer Deed, also known as the TR1 or TP1, is the formal Deed that is lodged at HM Land Registry, in order to affect the change in ownership of the property, or land, in question. A blank copy of the Transfer Deed can be viewed, here.
See more on the Transfer Deed, in which our Preston solicitors discuss each section of the Deed, and it’s meaning, here.
Is a tp1 legally binding?
The Transfer, upon Completion of the matter, forms a legally binding Deed, which means that there are some careful considerations to be had, by your property conveyancing solicitor, when drafting such Deeds. These include the following:
what is a tp1 form used for?
The basic details of the matter are, of course, of importance. These can include: the parties involved, the address of the property/land being transferred and the title number, as examples. Whilst it may seem that we are stating the obvious, it is imperative to ensure the details noted on the Transfer Deed are correct, not only in order that the document is accurate, but in order to avoid Requisitions being raised in this regard by the Land Registry.
Upon lodging the application for registration of the Deed, the Land Registry review the application with a fine-toothed comb. Any inaccuracies with the basic details of the matter will be picked up on, and may result in delays to the registration of the change in ownership. For more on the registration process, see our blog, here.
Whilst we are not referring to thoughts and deliberation when we discuss consideration, the agreed consideration should be carefully thought out when drafting the Transfer Deed. The agreed consideration, essentially, relates to the sum of money that is to be exchanging hands as part of the transaction. This can take the following forms, as examples:
(a) An agreed sum, which is noted in number and word format, confirming the exact amount to be paid, in consideration of the Transfer.
(b) For no monetary consideration. Commonly, this option is elected where property is gifted, or inherited and transferred to a family member, for example. There are, of course, numerous circumstances in which parties may elect to transfer property to others for no monetary consideration at all. It is extremely important to seek the expert advice of your property conveyancing solicitors in this regard, and the implications, before proceeding.
(c) Other methods of payment, whereby there is no monetary consideration, however, the consideration may take a different form of expense. In such instances, there is an option for your conveyancing solicitor to insert the basis of the arrangement on the Deed.
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Where the registered proprietors, upon Completion, will be more than one person, the next matter for your conveyancing solicitor relates to the joint ownership of the land, and how this is to be held. There are different options available to joint owners, and the share in the property they hold. For more information on the options available, and to seek clarity on which may be best for you, see our blog, here.
This is the opportunity for your conveyancing solicitor to illustrate the transaction and, where necessary, give substance to the same. For straight forward residential sale and purchase matters, there will, often, be no need for any entries in this regard. This is because, the Transferor transfers to the Transferee, as per the details noted thereon. This panel can, however, be particularly useful, where there are specific arrangements being made by the Transfer. For example, where there are to be certain rights and restrictions imposed upon the land, or whereby the Transfer is made pursuant to an Agreement that can be noted in this section, and annexed to the Deed. Any additional provisions will, of course, be considered in connection with your individual conveyancing transaction. If, therefore, there are any such provisions necessary, the same can be discussed with your conveyancing solicitor and entered within the Deed, accordingly.
In order to make the Deed legally binding upon Completion, it must be executed appropriately. The Deed should be signed, as a Deed, in the presence of an independent witness, who has no interest or connection to the transaction. Our solicitors in Preston have devised a trusty guide that can be used when signing Deeds, and can be viewed, here. Your conveyancing solicitor, when drafting the Deed, will be considering who is to sign the Deed and be party to the transaction. When dealing with businesses, Executors and Attorneys, for example, it is important to consider who will be signing on behalf of the party to the transaction, whether they have the relevant authority to do so, and what evidence there is to support this.
More guidance on Transfer Deeds, and their importance, can be found, here.
As you can see, there are a number of considerations for your property conveyancing solicitor, when drafting the Transfer Deed, that are to play an important role in your conveyance. Our team are, of course, experts at what we do and, therefore, are on hand to ensure your documents are drafted with ease, and in accordance with the transaction in hand.
So, be it a Transfer topic, or any other conveyancing query, submit an enquiry with us today, here, where our local solicitors will be delighted to assist.
MG Legal; your conveyancing experts.
MG Legal – Your Local Solicitors
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