TR1 Form help, Section 11 Additional provisions

[DTSD]

Hi,

 

I'm hoping to get some advice on a TR1 form I have received.

 

I have agreed to sign a house over to my ex as part of our financial proceedings which have now concluded.

 

I have 2 questions on the form I have received, I am unrepresented, my ex is repped.

 

In S8-consideration they have ticked 'The transfer is not for money or anything that has a monetary value', is this the correct box to tick, my ex has agreed to pay me a lump sum, due in 5 weeks time, and also to use her best endeavours to remove me from the mortgage (unlikely given her earnings). Should the sum she is due to pay be in this box?

 

In S11-Additional provisions they have put 3 points;

 

1)That the transfer is pursuant to an order of the court.

 

2) The transferee hereby covenants with the transferor by way of indemnity only to observe and perform the covenants conditions restrictions and stipulations set out or referred to in the property and charges registers so far as the same are still subsisting and capable of taking effect and to indemnify the transferor in respect of any future breach or non observance thereof.

 

3) That (my name) hereby declares that he is neither insolvent nor will become insolvent in consequence of this transfer.

 

From what I understand on the form any of the above in S11 should be what is agreed between my ex and I, besides I'm not really sure what point 2 means! Can I object and ask that they are removed before I sign it?

 

Many thanks, I'm a bit confused by it.

[raydetinu]

think you need legal advice; have you not got a solicitor sdvising you?

[Organboy]

The first thing is not to worry about clause (2) - that protects you as you are the transferor (or one of them) from action by anyone as a result of any breach of a covenant by your ex after the date of the transfer.

 

If there is a mortgage then the lender should be joining in as a party, and signing/executing the transfer to give their consent to it. Are they are party to it also? Really the transfer should also contain a covenant by your ex to observe the terms of the original mortgage and the lender should be releasing you from your obligations pursuant to it. That is how a transfer of equity normally works.

 

Again, there should be some reference to the amount that your ex is paying to you for the transaction. This might, however, refer back to the court order.

 

The reference to your ex using best endeavours to remove you from the mortgage is a court term and you must make sure that the transfer contains a provision that the lender releases you from the obligations under it.

 

At the moment I would not sign it if I were you.