A client is buying a factory unit from a limited company. The solicitor representing the client has observed a charge on the charges register and has prepared a completion statement for the client, who is paying in cash. The buyer's solicitor will now carry out pre-completion searches.
What searches will the buyer's solicitor conduct before the completion of the purchase?
A client is buying a factory unit from a limited company. The solicitor representing the client has observed a charge on the charges register and has prepared a completion statement for the client, who is paying in cash. The buyer's solicitor will now carry out pre-completion searches.
What searches will the buyer's solicitor conduct before the completion of the purchase?
A company search and an official search with priority.
(C) The solicitor has to conduct a company search and an official search with priority. Based on the information available, the buyer is purchasing from a limited company, which means a company search will be necessary. Additionally, there is a charges register indicating that the title is registered, so an official search with priority will also be required.
Option (A) is incorrect because a full land charges search is only relevant for unregistered titles.
Option (B) is incorrect because the buyer is a cash buyer and not obtaining a mortgage, making a bankruptcy search unnecessary.
Option (D) and (E) are incorrect for the same reason. Furthermore, option (E) is also incorrect because a full land charges search is only required for unregistered land.
