Is it possible to sell contracts of house to friend before closing?

R

ramble

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There is nothing illegal about assigning the benefit of a contract but the seller will have to get the consent and co-operation of the developer. The seller will also be liable for capital gains tax on the profit made.
 
Hi,
I was just wondering if it is possible to sell the contracts on my new house to a friend of mine without many implications?

I’m having the contracts looked into at the moment by my solicitor to make sure there is no clause but other than that would I be good to go?

Thanks
 
Yes. This is the very definition of flipping a property. As a matter of interest are you making a profit?
 
Hi,

Yeah there will be a prfit made on the house. The back ground is that i will be buying hose from friend who needs to move closer to the family home for personal reasons. They bought for 330 and selling for 365 and have bought a new house closer to home.

What does the "flipping" thing mean? Cause it dont sound good :confused:
 
ok having researched the flipping part here on AAM i understand that part. So i am sure it is legal? What other considerations do i need to take into account?
 
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