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TR1 Form Consideration - part sale/part gift
TR1 Form Consideration - part sale/part gift
Posted
Sat, 29 Jul 2023 13:53:37 GMT
by
K Hughes
Hello,
I am buying a property with a market value £60k from my parents. They have sold the property to me for £35k, therefore gifting the equivalent £25k to me.
On the AP1 Form, box 4, I have stated that the value is £60k as this is market value of the property. On the TR1 form in section 8 - Consideration - I entered Option 1 - £35k as that is what I am paying them.
Land Registry has now sent a Requisition stating that consideration does not match on the AP1 and TR1. I need to correct this and would appreciated some help with it. Should I have only ever put £35k on the AP1 form or should I have done the following with the TR1?
TR1 - filling in option 1 and 3
Option 1 - The transferor has received from the transferee for the property the following sum (in words and figures):
I enter
£35000.00 (thirty five thousand pounds)
and I also complete
Option 3 - Insert other receipt as appropriate
I enter
'The transferor has gifted the equivalent of £25000.00'
Advice on this would be greatly appreciated.
Thank you
Posted
Mon, 31 Jul 2023 07:21:20 GMT
by
Nimish Patel
Hello K Hughes - We cannot tell you what to enter on the forms as that would be going beyond our remit. However, the information in Panel 4 of the form AP1 should match with what is set out in Panel 8 of form TR1.
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