Chapter 13 Residential transaction case study

Completion

Completion

Our clients:
1. Shilpa Jennings - sale of 19 Minster Yard Blakey
2. Shilpa Jennings and Daniel Rodriguez - purchase of 9 Castle Hill Blakey


We act for Shilpa Jennings ('Shilpa') who is selling 19 Minster Yard Blakey for ?100,000 and Shilpa and Daniel Rodriguez ('Daniel') who are buying 9 Castle Hill Blakey for ?200,000. The completion of the transactions is to take place by post.

Sale of 19 Minster Yard Blakey

We should follow the acting for the seller: action list for pre-completion and completion activities.

We will receive by telegraphic transfer from the buyer's solicitors the balance of the sale price (?90,000). We will speak to the buyer's solicitors to confirm completion. Following completion we will telephone the estate agents to release the keys and date the TR1 with the date of completion.

We should draft a letter raising mortgage undertakings to discharge the two existing mortgages over 19 Minster Yard and send this to the buyer's solicitors together with the executed TR1.

Purchase of 9 Castle Hill Blakey

We should follow the acting for the buyer: action list for pre-completion and completion activities.

We will instruct our bank to telegraphically transfer the balance of the purchase price (?180,000) to the seller's solicitors. We will speak to the seller's solicitors to confirm completion and ask them to authorise the estate agents to release the keys.