Are There Ever an Exchange of TR1s in Conveyancing?

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Are There Ever an Exchange of TR1s in Conveyancing?

View profile for Sophia Ramzan
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Are There Ever an Exchange of TR1s in Conveyancing?

In property transactions, the TR1 form is an important document used to transfer the whole of a registered title. A common question is whether the TR1 is ever “exchanged” in the same way as the sale contract.

At Watkins Solicitors, our Residential Conveyancing team, led by Sophia Ramzan, Partner and Head of Conveyancing, helps buyers and sellers understand what each document does and when it is needed.

The seller must sign. All transferors must execute the TR1 as a deed.

The buyer does not always sign. A transferee normally signs where relevant declarations, covenants or additional provisions require it.

It can be signed before completion. The important point is that the deed is not dated until completion and after it has been executed.

After completion, registration follows. The buyer’s conveyancer deals with the HM Land Registry application and supporting documents.

What Is a TR1 Form?

A TR1 is HM Land Registry’s form for transferring the whole of the property in one or more registered titles. It can also be used for property being registered for the first time.

The person transferring the property is called the transferor and the person receiving it is called the transferee.

If only part of a registered title is being transferred, a different form, usually a TP1, is used instead.

Is a TR1 Form Exchanged Like Contracts?

No. The contract and the TR1 have different jobs in a conveyancing transaction.

Exchange of contracts

Makes the transaction legally binding

When contracts are exchanged, the buyer and seller become legally committed to the transaction on the agreed terms, including the completion date.

TR1 transfer deed

Deals with the transfer of the title

The TR1 is executed as a deed and forms part of the documentation used to complete the transfer and register the new ownership with HM Land Registry.

There is therefore no separate “exchange of TR1s” equivalent to exchange of contracts. The TR1 is prepared and signed as part of the conveyancing process, then dated on completion.
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When Is the TR1 Signed and Who Needs to Sign It?

The conveyancing timetable can cause confusion because the TR1 may be signed before the day of completion.

The Transferor

All transferors must execute the TR1 as a deed. For an individual, this normally means signing in the presence of a witness using the appropriate execution wording.

The Transferee

The buyer or other transferee does not automatically have to sign every TR1. They must also execute it where the relevant provisions of the form require their signature, for example where certain declarations, covenants or additional provisions are included.

The TR1 does not have to be signed only after exchange. It can be executed in advance of completion. HM Land Registry’s guidance says the completion date should be inserted after execution and that the date is the day of completion.

What Happens to the TR1 During a Typical Conveyancing Transaction?

1

TR1 Prepared

The transfer deed is prepared as part of the conveyancing documentation.

2

TR1 Executed

The parties who need to execute the deed sign it in the required form before completion.

3

Completion

Once completion takes place, the TR1 is dated with the completion date.

4

Registration

The buyer’s conveyancer deals with the post-completion application to HM Land Registry.

Can There Be Exceptions or More Complex TR1 Arrangements?

Yes. The precise execution and drafting requirements can differ where the transaction involves companies, attorneys, trusts, additional covenants, declarations or more complex title arrangements.

Leasehold transactions can also involve additional post-completion documents, notices or certificates alongside the transfer itself.

If the transaction involves only part of a registered title, the appropriate transfer form will normally be TP1 rather than TR1.

Common Questions About TR1 Forms

Does the buyer always sign a TR1?

No. All transferors must execute the deed, but a transferee normally needs to sign where the form contains relevant provisions requiring their execution.

Can a TR1 be signed before exchange?

The TR1 can be executed in advance of completion. The exact timing will depend on the transaction and your conveyancer’s arrangements. It should not be dated until completion.

Is the TR1 the same as the contract?

No. The sale contract records the contractual terms and is exchanged to commit the parties. The TR1 is the transfer deed used in completing and registering the transfer.

What happens to the TR1 after completion?

It forms part of the post-completion registration process. The buyer’s conveyancer submits the relevant application and documents to HM Land Registry.

Why Use Watkins Solicitors for Conveyancing?

Our multi-award-winning Residential Conveyancing team provides clear, practical support throughout a sale, purchase or remortgage. Sophia Ramzan, Partner and Head of Conveyancing, leads the team.

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