Sole director companies beware when looking to buy a property or re-mortgage

If you have a company for which you are the only director and you set the company up yourself, there might be an issue with solicitors/lenders if you look to buy a new property or re-mortgage existing property.

Recent case law has found the Articles of Association used for these companies are incorrect if there is only one director. As mentioned, this only relates to companies that you have set up yourself, if we set it up for you, the Articles are fine.

If you feel this may affect you, please let us know and we can check this for you. Some service providers are charging up to £550 to amend the Articles, but we can do this for £170.

Speak to your usual contact at Peplows for further information.