Your firm acts for a property investment company Bricks with Benefit (Property) Investments Limited. It has instructed the firm to act on the purchase of a mixed-use property in Scunthorpe. There is a business occupant on a ten-year lease in the ground floor and a residential tenant in the upper two floors. You have recently joined the Property Department in the firm for your second six-month departmental secondment. Your new training partner has asked you to assist him in this work and has sent you the following inter-office email.
To: Trainee solicitor
From: Training partner
Bricks with Benefit (Property) Investments Limited - 5/5a David’s Point Scunthorpe
Welcome to the department. As a first exercise I would like you to assist me on this purchase. The company intend to buy this unit for £120,000. There are two lettings that we know about and as such the property is fully let. A contract has just come in and the freehold title is registered. I have yet to see full details of the two tenancies but the basic details are on the file.
Please let me know what you think we should do about making preliminary enquiries. I appreciate we will be issuing the usual standard enquiries but I am really thinking of additional requirements to the normal questions. Please also suggest anything new that might assist.