Chapter 13 Commercial transaction case study

Completion

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

Timothy Wainwright and his family have run a successful wholesale clothing business for many years. Timothy has 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 all shareholders. Cambo Ltd has agreed to buy 18 Clover Street London W2 for £700,000 subject to, and with the benefit of, two occupational business leases.

On the day of completion we will instruct our bank to transfer telegraphically the completion monies as set out in the completion statement (£709,205.48) to the seller's solicitors. We will speak to the seller's solicitors to confirm completion.

We will report confirmation of completion to our purchaser client Cambo Limited as well as our lender client Blakey Bank Plc.

Once completion has taken place, we must inform the tenants in occupation of the change of ownership by sending them the letters as authorities for the future payment of rent prepared by the seller's solicitors.