Further details of the commercial conveyancing transaction
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 and his wife are shareholders.
1. Acquisition of 18 Clover Street London W2
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.
We require detailed instructions from the client - see the details in Chapter 4: Taking Instructions and Other Initial Matters. For example, how much is required from the client to purchase the property, taking into account the terms of the commercial mortgage that appears to be arranged in principle?