Defunct Company Mortgage

Defunct Company Mortgage

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I have been asked to advise a family property company with c£1 million of assets.  A search at Companies House reveals that they have three mortgages dating back to the 1960s and 1970s, two with Barclays, one with Williams and Glyns (!)  I am advised that all three mortgages have been cleared.

At Companies House there is a choice of two forms to remove mortgages, either MG02 or MG04.  Both look pretty similar to me, but I guess that MG04 is the one to use in these circumstances.  However I do not see any guidance notes, nor find any guidance on a wider trawl of the web.  In particular the signature required on MG04 should be from "a person with an interest in the registration of the charge".  Does that mean a director of the company, or does it mean a bank signature is required?

Are there any wider issues with these forms?  I regard this just as a tidying-up exercise but does it come with any pitfalls?

Thanks

Tim

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By bernard michael
01st Feb 2012 09:13

Not answering your questions BUT I would carry out a search on the Land Registry to see if the charges have been lifted there before you think about Copmpanies House. LR comes before and is more important than CH.

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