Precedent transfer
An adaptable Word version of the precedent form TR1 can be downloaded, saved or printed from the link on this page.
Drafting notes to precedent transfer
panel 8 — Consideration
If the landlord is paying the premium to the Tenant, select the first option “The transferor has received from the transferee for the property the following sum (in words and figures):” and enter the amount of the Premium as directed.
If the Tenant is paying a ‘reverse’ premium to the Landlord for the surrender, select the second option "The transfer is not for money or anything which has a monetary value" and record the payment of the reverse premium (and the Landlord’s acknowledgement of receipt of it) in Panel 11 (Additional provisions). Note, however, that the Land Registry fee payable for the application must be calculated by reference to the amount of the reverse premium (the reason being that the definition of ‘monetary consideration’ in article 1(2) of the Land Registration Fee Order does not prescribe the direction in which the consideration is paid).
Panel 9 —
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Jurisdiction(s):
United Kingdom
Key definition:
Surrender definition
What does Surrender mean?
Occurs when an insurance policy is cancelled and the insurance company pays an amount known as the surrender value to the policyholder. It includes for the encashment of a life policy, for example an endowment assurance policy, by the assured, prior to its maturity.
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