49. Sub-sales.

As soon as contracts have been exchanged the buyer becomes the owner of the beneficial interest (equitable estate) in the land and may therefore transfer that interest to a third party. This usually occurs by way of sub-sale. Such transactions are uncommon in practice because the Standard Contractual Conditions1 prohibit the buyer from transferring the benefit of the contract.

If a sub-sale is to take place without amendment of these standard conditions, there will have to be two separate transactions, the first between the original seller and the original buyer and the second between the original buyer and the sub-purch