Assignment Sales

Our team of specialist property solicitors are experienced in assignments and have been involved in many assignment transactions with clients in the UK and overseas, including Hong Kong, Malaysia and China.

Simply put, an assignment is the transfer of a contract to purchase a pre-construction property, where the contract has already been exchanged.

The seller is selling their contract before they have taken possession of the property.

The seller is not selling the property, but their contract and their promise to purchase the property, along with the rights and obligations of their agreement of purchase and sale contract.

The Seller (who was the original purchaser) is known as the Assignor; the new Buyer is the Assignee. The Assignee is the one who will complete the final sale with the developer.

As an original purchaser, you can only assign your contract if there is a clause in your contract that permits you to do so. There is usually an assignment agreement clause which stipulates the right to assign the contract to another under certain conditions. Mainly, this permits the original purchaser, or the Assignor, to sell their obligation to purchase the property to another individual, or the Assignee. The Assignee is then the one to complete and sale with the developer. Often these clauses also require the developer’s consent and a fee to be paid. On occasion the clause will prevent an assignment taking place either before or after certain events (eg, two months prior to the build being finished or no assignments prior to all deposit funds being paid).

If you are an original purchaser looking to assign your contract, please contact us on 01483 451900 or do an online enquiry.