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Posted Wed, 10 Jul 2024 11:58:48 GMT by Chloe Jones
My ex partner is taking on the sole ownership of a property and taking over the mortgage, that we currently have joint ownership and a joint mortgage on.  I have been sent a TR1 form from his solicitor to sign and return but have noticed that section 8 Consideration has been selected as "The transferor has received from the transferee for the property the following sum (in words and figures): (value in words and figures)", however I have agreed to a transfer without any money changing hands (which the solicitor has made reference to in the covering letter).  Therefore I am confused as to why a value is stated on this section and why the other options are not more suitable?  (The transfer is not for money or anything that has a monetary value, or Insert other receipt as appropriate).  Myself and my partner are listed as Transferor and he is listed as Transferee. Could it be explained to me why this value is shown and if one of the other options would be more suitable based on the fact that no money is changing hands between myself and my ex partner?  
Posted Wed, 10 Jul 2024 12:41:51 GMT by Adam Hookway
Chloe - there are a few options available re the consideration and the wording you have quoted is the standard form of wording already included in the form. 
I'm unsure if you've omitted a figure/amount or not but if not then you'd need to query it with the conveyancer. If the Transfer is for example 'by way of a gift' then suitable wording can be used instead of a financial consideration 
Guidance: how to complete form TR1 - GOV.UK (www.gov.uk)

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