Releasing a mortgage or charge is simple in Inform Direct.
1. Go to the 'Mortgages' tab, and select 'Release a mortgage.'
2. Firstly select which mortgage or charge is being released. Then click 'Continue.'
3. Next, confirm the details of the charge to be released. If you are happy with these, then click 'Continue'.
4. Next, select whether this is being released in full or in part. Then indicate why the charge on the asset has expired and click 'Continue.'
Note: If the mortgage or charge is being released in part, then you will see an additional box appear that will require a description of the assets being released.
5. Enter the details of the person confirming this statement of release. Then click 'Continue.'
6. Finally, check all the details in the summary screen. When you are happy that everything is correct, tick to confirm that you have checked the details and confirm your acceptance of Inform Direct's terms and conditions and system capabilities.
Note: You can download this summary as a PDF before filing, by clicking the link.
7. To submit the documents, click the red 'Submit to Companies House' button. This will immediately file an MR05 form at Companies House electronically.
It is important to note that filing an MR05 will not change the status of the charge, it just confirms that the property has been released, or no longer forms part of the company’s assets. The charge itself is still outstanding.
Once your application has been submitted to Companies House, any amendments can only be made directly at Companies House on paper after obtaining a court order.
You can then produce a written director's resolution and board minute to approve notification to Companies House of the release.
