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UKSolicitorJA
UKSolicitorJA, Solicitor
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Experience:  English solicitor with over 12 years experience
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good morning, im am on the committee of our local social club,

Resolved Question:

good morning, im am on the committee of our local social club, and we own the building and garden as it is an old building and started life as a working mans club back in the 1900's. but about five years ago we had to take out a mortgage for £40,000 and we have 15 years left on it, the question I want an answer for is that two members got the mortgage and stood garantours for this, but they are no longer on the committee and they still want to know about all the financial dealings is this right as we have a new treasurer. I don't see why they still want control as if the club went bankrupt then sureley the mortgage and any out standing debts would come out of the building sales, I must point out that we are doing very well at the moment and ticking over nicely. could we change the mortgage to another bank? thank you for reading this and I look forward to a reply.
Submitted: 3 years ago.
Category: Law
Expert:  UKSolicitorJA replied 3 years ago.
Hello,

I do not not what the arrangements are with the guarantors and what they have signed but it is reasonable for them to be concerned about the club's finances as they are guarantors and would be personally liable if the club failed to meet its debts, even though the bank has a legal charge over the club's property e.g. if the property was sold and there was a shortfall in the debt owed to the bank.

If you are able to find another bank willing to grant a mortgage, that is fine, and as long as the guarantees of the two former members are cancelled, they would not have any further interest in the club's financial affairs.

Hope this helps

UKSolicitorJA, Solicitor
Category: Law
Satisfied Customers: 4312
Experience: English solicitor with over 12 years experience
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