Record the Satisfaction/Release of a Mortgage or Charge
Opening a Mortgages & Charges Data Library presents the opportunity to run theSatisfy/Release Mortgage and Charge wizard.
Selecting the Satisfy/Release Mortgages and Charge option will open the Satisfy/Release Mortgages and Charge wizard.
- Enter the date on which this event took place into the field provided.
- Select Next.
The Mortgages and Charges screen displays.
- Select the relevant option to indicate whether the mortgage was Paid or Satisfied, or Ceased or Released, and whether the action was achieved In full, or In part. The options selected will determine the form produced when the Wizard is complete.
- Select Next.
The Mortgages and Charges: Interest of Person screen
- Enter information regarding the interest of the person delivering the statement into the field provided.
- Select Next.
The Action screen displays.
- If creation of the statement requires additional approval before it is validated, select one of the Save as a pending event Action options.
For this example, the Validate event, then update all records immediately option will be selected.
- Select Next.
If the Signatory checkbox is selected, the Signatory screen will display.
Use the fields provided to select a Signatory, then select Next.
The Documents screen will display.
If the Signatory checkbox is not selected, the Documents screen displays.
The Documents screen will display the appropriate forms that will be generated (i.e. the MR04, LLMR04, MR05 or LLMR05 form, as required). The form(s) can then be produced on paper and/or queued for Electronic Filing to be sent to Companies House.
- Select Next.
The Finish screen displays.
- If there is no need to view the related documentation generated by the action, select Finish.
The wizard closes.
The detail is updated on the entity's record.
As part of the Wizard process above, and to make it easier to maintain the records related to the Mortgage and Charge, any Wizard Events carried out to cover partial/full release or satisfaction of a charge creates a child record that attaches to the main Mortgage and Charge Data Library record.
The child record display structure provides a simplified view of the related Mortgage or Charge history. The form generated as part of the wizard, or information about amendments/changes made to the Charge Instrument as part of the wizard, can be opened and reviewed on this screen.
