Chapter 5 Commercial transaction case study

The draft contract

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

Timothy Wainwright and his family are established clients of our firm and have run a successful wholesale clothing business for many years. Timothy and his wife have now decided to sell the business and enter the world of property investment. He has formed a company called Cambo Ltd in which he, his wife, and their three sons are shareholders. Cambo Ltd has agreed, subject to contract, to buy 18 Clover Street London W2 for £700,000 subject to, and with the benefit of, two occupational business leases. The property was built 70 years ago. A commercial mortgage has already been arranged in principle.

See the initial letter from the seller's solicitors enclosing the draft contract for 18 Clover Street and other documentation including: the official copy of Register of Title to 18 Clover Street, a copy of the lease of the ground floor of 18 Clover Street, and a copy of the lease of the first and second floors of 18 Clover Street.