Chapter 12 Commercial transaction case study

Pre-completion procedures

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.

The results of the following pre-completion searches have been obtained and they reveal no adverse entries:

We have also received a completion statement from the seller's solicitors indicating how much is due from us on completion.

The seller's solicitors have also completed our pre-completion requisitions on title and completion arrangements form. Note their important undertaking to discharge the seller's mortgage in answer 6.4.

We should ensure that we are in receipt of cleared funds to complete (monies coming from our client lender and our client purchaser respectively).

We should advise our clients to carry out a final physical inspection of the property before completion.