Mortgage on company owned premises

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I own 85 % of a company that owns a premises. The mortage is in the company name, but guaranteed /underwritten by me. I now want to remortgage the premises, but the owner of the other 15% shares, while in agreement to remortgage, is not in a position to sign anything (dont ask).

Can I go ahead and remortgage in a) the company name without his sign off, or b) my own name, when the company owns the premises?

or any other ideas??
 
You will have to have 2 directors to sign off on the facility letter, and the legals. I assume there are only 2 directors?
 
Would you consider buying the property off the company so you own the property personally and rent it to the company? This is a frequently-used legal device to extract money from a company.
 
Purchsing the property from the compnay is a very complicated area and hardly be an efficient process in reducing tax

Paying stamp duty for nothing really

You would have to have a more detailed plan than purchasing and renting back,to justify the legalities of the transaction alone

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Dont think that is great advice stuart. There are many advantages in keeping a company property in a directors name. Pension Mortgages? Rental income from the company? loads of other sound reasons.
 
keeping a company property in a directors name
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There is a whole host of great reasons for a director owning a property used by their company

The point I raised above was in relation to transfering it to their own name from the company

This is a very complicated area, not as simple as conveying the property

There are very specific areas of legislation that relate to the transfer of company assets to related parties, that can put the majority of the issues you raised out of reach
e.g. Why would the company sell a property to the directors, pay CGT and then rent it back? How is this to its own advantage?

And there is the cost of stamp duty at 9% to be considered, as well as any CGT on the profit of the sale

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