I'm not sure why they sent out a contract so early. As VM can refuse to allow someone to become the account holder (background checks are done.) The process is: request the forms, fill up the forms and return them in 14 days. The transfer process can take up to 31 days to complete. After the new account holder is accepted it is then that a new contract should be sent out for the person to sign.
Not that you can cancel anyway once you signed off to become the account holder and been accepted, as there's no cooling off period for ToR transfers.
______ Any opinions expressed by myself are entirely my own and do not represent Virgin Media in any way.