Hi!
I'm about to submit a TR1 form for a change in ownership for our family house from my mother and father as joint tenants to myself (son) and motgher as tentants in common (50/50 split). As the last sale was not registered, we're submitting a FR1 to register as well (rather than an AP1).
There is no outstanding mortgage on the property and the finances are being handled directly between myself and my father.
Regarding fees... there are several points I'd like to clarify if possible:
- My understanding is that this is subject to scale 1 as there is a financial consideration rather than a gift - even though this is not a mortgage
- After surveys/etc the value of the property has been agreed as being £220,000 - but as my mother - currently a joint tenant, and to become a tenant in common - remains a tentant, so the amount of the financial consideration is 50% of the agreed property value - £110,000
- As there is no mortgage, we would need to provide a signed statement of value regarding the property
- As we are citizens rather than a business, our only means of submitting FR1 and TR1 is postal - we cannot use any online portals - and therefore we pay fees under the "apply by post" column in the scale 1 fees table
- There is only one fee applicable for submitting both FR1 and TR1 for the same transaction - ie, we don't pay one fee for the first registration via FR1 and a 2nd fee for the transfer via TR1
- The amount of the fee (as of today) would be £230
Thanks!
John
