Transfer of part by way of exchange
Transfer of part by way of exchange

The following Property precedent provides comprehensive and up to date legal information covering:

  • Transfer of part by way of exchange

Transfer of part

Precedent transfer

Exchanges are now almost invariably effected by separate transfers, each containing the usual title guarantees given by ordinary sellers. There is no restriction on the nature or value of the properties exchanged. A freehold interest can validly be exchanged for a leasehold interest (IRC v Littlewoods Mail Order Stores [1962] 2 All ER 279, HL) and any necessary payment can be included by way of equality of exchange.

An adaptable Word version of the precedent form TP1 can be downloaded, saved or printed from the link on this page.

Drafting notes to precedent transfer

Panel 1—Title numbers

If there are a number of properties, each title number should be listed alphanumerically and may be numbered starting with one, and each property listed in the same order as the title numbers and correspondingly numbered.

Panel 3—Property description

The optional wording is for use where the Property is unregistered.

Where a plan accompanies the transfer, HM Land Registry requires detailed rules relating to the plan to be followed, otherwise the application for registration will be rejected. The rules are set out in HM Land Registry Practice Guide 40. HM Land Registry will reject plans that have not been signed by the parties. The rules provide for this in the case of a dealing with part of the land in a registered title and it is good practice in any event

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