TR1 - a thing of magic?

T

Transcendence

New Member
Hey all, so I'm a bit confused about this TR1 form.

The gov website says it literally transfers legal ownership of a property(s) between a transferrer and a transferee...

Seems simple enough, but what confuses me is whether any monies need to be involved?

For example, and do indulge me here:

Person A wants a property, but their credit rating sucks. They go to person B and they mutually agree it will be purchased under Person B's name. They skip having a deed of trust because Person B is just that nice.

When it comes to, Person B happily transfers the property to Person A, for no cost other than any administrative costs for example. After this, is it "hey presto" and Person A now has their desired property worth £x? Will the lack of funds involved in the transfer affect the property value? (I.e. will the market turn around and be like "oh well it was sold for nothing, so we're going to bring the value down because of this reason).

I'm really looking forward to having a good chinwag over this, so be as brutal as you'd like, I just want to learn.

Here's a curveball, what if Person A suddenly says "actually you know what, let's transfer it to this company we both benefit from, Company A, then what?

Peace.
 
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