National Rail Conditions of Travel - Part C: Planning Your Journey and Buying Your Ticket

5.1 A Ticket may be transferred by the person who bought that Ticket to another person, but only if:

5.1.1 the Ticket has not been made out in the passenger's name (which includes where the passenger is identified by a designated Railcard, photocard or other identifying means); and

5.1.2 the journey has not begun, for example, you have not passed through an automatic Ticket gate, boarded a train, or started to use the Ticket, used the outward portion of a return Ticket; and

5.1.3 the transfer is not a resale for more than the price paid for the Ticket by the person who first purchased it from a Train Company or a Licensed Retailer.

5.2 A Ticket which is validly transferred remains subject to all the conditions of travel originally applicable to it.