Sir, - Brian M. Lucey's proposal (December 15th) for Call options in relation to gazumping and house purchasing requires subtle tweaking to further reduce the unsavoury prospect of property speculation.
The Call option should be either non-transferable or it should be illegal to re-sell the option on at a price higher than the initial purchase. My choice would be the latter as non-transferability would prevent those who cannot exercise their option from recouping their initial outlay. Overall, this suggestion would remove the possibility of someone purchasing the option with the intention of selling on at profit before completion date. This is particularly relevant to properties "sold from plans" as the exchange period may take longer than the 30 days Mr Lucey mentions. - Yours, etc.,
Alan T. Clinton, East Dulwich, London SE22 9AX.