Hi, thanks for your reply.
Are you sure that HMRC would treat this as land trading, as it seems to me that I am trading an option to buy the property? Also, is my solicitor under a duty of care to report such activity to HMRC?
Ok, understood. Is this a transaction in land however, because the purchase is never completed, I have only exchanged contracts. I thought that only once a property purchase is completed, that the deal is reported to the valuation office.
Could you clarify that please?