Chapter 14 Commercial transaction case study

Post-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.

Key post completion steps

As the borrower is a limited company we will need to register the mortgage deed to Blakey Bank Plc at Companies Registry within 21 days of completion.

We will need to submit Form SDLT1 to HM Revenue and Customs (preferably online) and pay the Stamp Duty Land Tax owing (?28,000) within 28 days of completion. Upon receipt of the Land Transaction Certificate (SDLT5) from HM Customs and Revenue we will complete Land Registry form AP1 and ensure that our AP1 application is submitted within the priority period of our pre-completion land registry search (see OS1R).

The documents to accompany Land Registry form AP1 are:

  • Form DS1 (evidence of discharge of the seller's mortgage in favour of Commercial Mortgages UK Ltd)

  • Form TR1 (i.e. purchase deed)

  • Mortgage deed to Blakey Bank Plc + certified copy

  • SDLT5 (certificate of payment of stamp duty land tax)