How JustAnswer Works:

  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.

Ask Clare Your Own Question

Clare
Clare, Solicitor
Category: Law
Satisfied Customers: 33549
Experience:  I have been a solicitor in High Street Practice since 1985 with a wide general experience.
13262538
Type Your Law Question Here...
Clare is online now

My husband and I are guarantors of a 10 year lease of £20,000

Resolved Question:

My husband and I are guarantors of a 10 year lease of £20,000 per anum. The business is failing. It is likely to be bankrupted. We have negotiated with the landlord for the lease to be cancelled if a new tenant can be found. How do you make this legally binding? Is it possible to reasign the guarantor to my husband only with his agreement?
Submitted: 2 years ago.
Category: Law
Expert:  Clare replied 2 years ago.
Hi
Thank you for your question.
My name is Clare
I will do my best to help you but I need some further information first.
What assets do you and your husband have?
Clare
Customer: replied 2 years ago.

I have a flat in my name he has a flat in his name. We owned them before being married. He also has 4 other LTD companies. One of which he owns with someone else and its not profitable. 2 others are profitable but worth very little.

Customer: replied 2 years ago.

My husband has a flat in his name and I have a flat in my name which we each owned before we were married. My husband actually left me 8 months ago and is living in his flat. (We are on amicable speaking terms) He also has 3 other LTD companies. 2 are profitable but worth very little I believe. Another is not profitable and it is owned with somebody else and he has controlling share and they are sole guarantorsvto the lease in that business.

Pardon me for re-posting similar information. This reply is accurate.

Expert:  Clare replied 2 years ago.
HI
What income does he have - and is there equity in his property?
Clare
Customer: replied 2 years ago.

Im not clear on income perhaps 1000a month which he draws from his businesses and i think there is only about 20,000 equity in hope but on sale may achieve a further 10-20?

Expert:  Clare replied 2 years ago.
Hi
How far has the search for a new tenant reached?
Clare
Customer: replied 2 years ago.

It is being advertised now and there has been a viewing from a charity shop already.

On another note there is a 5 year break clause... So I believe we are liable until 2017 rather than the full ten years.

Expert:  Clare replied 2 years ago.
Hi
There is no way that you can force the Landlord to release your guarantee I am afraid - your only option is to try and persuade the Landlord that your husband assets are ample to cover his risk
Provided the landlord has confirmed in writing that he will agree a transfer you need nothing more.
Please ask if you need further details
Clare
Clare, Solicitor
Category: Law
Satisfied Customers: 33549
Experience: I have been a solicitor in High Street Practice since 1985 with a wide general experience.
Clare and 2 other Law Specialists are ready to help you

What Customers are Saying:

 
 
 
  • Thank you so much for your help. Your answers were really useful and came back so quickly. Great! Maggie
< Previous | Next >
  • Thank you so much for your help. Your answers were really useful and came back so quickly. Great! Maggie
  • A quick response, a succinct and helpful answer in simple English. I believe I can now confront the counter party with confidence -- worth the 30 bucks! Rick
  • Wonderful service, prompt, efficient, and accurate. Couldn't have asked for more. I cannot thank you enough for your help. Mary C.
  • This expert is wonderful. They truly know what they are talking about, and they actually care about you. They really helped put my nerves at ease. Thank you so much!!!! Alex
  • Thank you for all your help. It is nice to know that this service is here for people like myself, who need answers fast and are not sure who to consult. GP
  • I couldn't be more satisfied! This is the site I will always come to when I need a second opinion. Justin
  • Just let me say that this encounter has been entirely professional and most helpful. I liked that I could ask additional questions and get answered in a very short turn around. Esther
 
 
 

Meet The Experts:

 
 
 
  • Jo C.

    Jo C.

    Barrister

    Satisfied Customers:

    30316
    Over 5 years in practice
< Previous | Next >
  • http://ww2.justanswer.com/uploads/EM/emus/2015-7-7_192327_bigstockportraitofconfidentfemale.64x64.jpg Jo C.'s Avatar

    Jo C.

    Barrister

    Satisfied Customers:

    30316
    Over 5 years in practice
  • http://ww2.justanswer.com/uploads/BE/benjones/2015-12-1_0437_ennew.64x64.jpg Ben Jones's Avatar

    Ben Jones

    UK Lawyer

    Satisfied Customers:

    11553
    Qualified Solicitor - Please start your question with 'For Ben Jones'
  • http://ww2.justanswer.com/uploads/BU/Buachaill/2012-5-25_211156_barrister5.64x64.jpg Buachaill's Avatar

    Buachaill

    Barrister

    Satisfied Customers:

    1754
    Barrister 17 years experience
  • http://ww2.justanswer.com/uploads/JO/jojobi/2013-3-19_0265_maxlowryphoto.64x64.jpg Max Lowry's Avatar

    Max Lowry

    Advocate

    Satisfied Customers:

    894
    LLB, 10 years post qualification experience
  • http://ww2.justanswer.com/uploads/UK/UKLawyer/2012-4-12_9849_F2.64x64.jpg UK_Lawyer's Avatar

    UK_Lawyer

    Solicitor

    Satisfied Customers:

    750
    I am a qualified solicitor and an expert in UK law.
  • http://ww2.justanswer.com/uploads/KA/Kasare/kasare.64x64.jpg Kasare's Avatar

    Kasare

    Solicitor

    Satisfied Customers:

    402
    Solicitor, 10 yrs plus experience in civil litigation, employment and family law
  • http://ww2.justanswer.com/uploads/OS/osh/2015-7-7_19268_gettyimagesb.64x64.jpg Joshua's Avatar

    Joshua

    Lawyer

    Satisfied Customers:

    8199
    LL.B (Hons), Higher Prof. Dip. Law & Practice