Do I need more than a TR1 to buy a Freehold?

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    Do I need more than a TR1 to buy a Freehold?

    Hi

    About to buy a freehold and seller's solicitors say they have a TR1 signed by the freeholder.

    Do we still need a contract or do we just need to file the TR1? Can't find anything online that helps.

    Thanks for your time.

    Gareth

    #2
    A contract is not required.

    Comment


      #3
      Thanks!

      Sorry one more: when should I make the solicitors hold the money to my order till? I will ask them to register the freehold so do I wait until I am on the register or is usual practice to release the cash before then?

      Thanks again.

      Comment


        #4
        The purchase money is payable on completion, which involves handing over the TR1 in exchange for the purchase money. On completion you become the owner for all practical purposes. Registration is an administrative step which "perfects" the transfer.

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          #5
          Am I understanding this correctly - you can purchase a freehold property without doing conveyancing and having a contract? Basically just paying cash and handing over a completed TR1?

          Comment


            #6
            Originally posted by Claymore View Post
            Am I understanding this correctly - you can purchase a freehold property without doing conveyancing and having a contract? Basically just paying cash and handing over a completed TR1?
            Up to a point, yes. However, other things may need to be done.

            Depending on the circumstances, any one or more of the following may be dispensed with:

            A contract

            Routine enquiries

            Local and other searches, but not a LR search.

            Comment


              #7
              Thanks Lawcruncher.

              Comment


                #8
                Originally posted by Gareth in Bath View Post
                Thanks!

                Sorry one more: when should I make the solicitors hold the money to my order till? I will ask them to register the freehold so do I wait until I am on the register or is usual practice to release the cash before then?

                Thanks again.
                I hope you have your own solicitor to vet and ensure the TR1 is completed properly before the money is passed to seller's solicitor. Don't rely on seller's solicitor to help you as he/she is working for the seller's interest.

                Comment

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