Transfer - Consideration
You MUST ensure that you enter the correct amount for the market value, as this is how the information will be recorded on the register and on the generated documentation and will also be used to calculate registration fees. The current market value must include any taxable amounts. If this is to be a monetary consideration, you will be asked if the consideration value is the same as the market value already entered. If you enter a different transfer consideration value, this will appear on the Form 9/10/11 rather then the market value.
Where “Natural Love and Affection” or “Other” is selected, the current market value must still be stated as it is required to calculate registration fees. The value will not, however, appear on the generated form.
Selecting “Other” allows you to customise the text to appear in panel C of the generated form. It can be used where the transfer is for example in relation to the granting of a right of way or where there is a monetary consideration and there are conditions associated with that sum of money. The text you enter will appear in the Form9/10/11 between the leading and trailing statements: ‘the Transferor(s) in consideration of <your text here> transfer(s) the land to the transferee(s)’.