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The business is a registered charity. Originally set up as a Company Ltd by Guarantee and then became a full charity in 2009. There are no employees, all volunteers, and turnover is just under 100k.
Apologies, just re-read the original and might have mislead slightly, what seems obvious when writing obviously isn't to others!! The mortgage is personal not business but there is a loan secured against the house by the charity. As we are directors of the company/charity it is all in one mess, house on site!
As we have paid the mortgage without arrears for 5 years despite there being no agreement we hoped that would give us a form of de-facto agreement - we just need the time to get permission from the Charity Commission to perform the land sale (possible conflict as a trustee) and CharityBank to set up the facility. This could take up to 6 months :-(
Thanks, ***** ***** what I thought. I had hoped that them taking the money for 5 years would would have given us more leverage but there you go.
Presumably that continuation would still require a signed agreement? At the moment since the original term finished we have signed nothing, the bank does the DD each month at the original sum.
Not sure how to proceed really, need a Lawyer? They have asked a company called NCI to "call on us".
Many thanks, ***** ***** big help.