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.