Chapter 10 Commercial transaction case study

Exchange of contracts

Exchange of contracts

Our client:
Cambo Ltd - acquisition of 18 Clover Street London W2

We act for Cambo Ltd acquiring the freehold reversion of 18 Clover Street London W2 for £700,000 subject to, and with the benefit of, two occupational business leases.

Both our client and the seller are ready to proceed. Our client has no related transaction. Each solicitor holds his own client's part of the contract and we have cleared funds for the 10% deposit. Formula B exchange is effected for completion as agreed in one week. We agree to instruct our bank to send a credit transfer of the deposit monies direct to the seller's solicitor's bank.

We prepare appropriate memos for our file recording the details of our conversations and, in our covering letter to the other solicitors, confirm the details of the telephonic exchanges, including the following documents:

  1. Memorandum of exchange of contracts on 18 Clover Street for our purchase file
  2. Post exchange letter to the solicitors acting for the seller of 18 Clover Street