- This topic has 3 replies, 1 voice, and was last updated 14th April 2018 at 5:23 pm by
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Our clients are contracted to buy land under a non-assignable contract. They wish to enter into a simultaneous transfer of the land to a third party on completion. The seller will not agree to enter into a sub-sale, so that two transfers will be required. It is our understanding that sub-sale relief may still apply, despite there being two transfers. Any ideas how does that work?
Two transfers are ok as long as they are completed simultaneously. I suggest that each one is released at the same time and that the same exact time is endorsed on each form and signed by the conveyancer.
Will the sub-sale relief still apply regardless of the consideration paid by the third party to original purchaser?
If consideration is paid by the sub-purchaser to the original seller then it is likley to be taxed – see s45(3)(b)(i)
