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You can, you don't actually need the V5c to sell a car, a receipt is fine, You can then apply for a V5c once you have the car, cost £25 from memory. The log book is just DVLA's record of who the registered keeper is, not necessarily the owner.

As stated above there is a yellow section on the V5C (no v5's now) for transfer to a dealer/trader. You can't fill in the new owner details as its not yet known. As long as you complete the yellow section you be fine. By the fact your taking delivery of a new car from a dealer it can be proved...