Thanks for your question.
On the transfer of a lease the landlord will want to establish that the incoming tenant is a good financial covenant, this will be done by taking references etc. As you needs landlord's consent to transfer the lease you need to convince the landlord that the new tenant can afford the rent. This will be an issue if the buyer is to acquire the business and assets in the name of a new ltd company. Therefore the landlord, as part of granting consent, can request that the new tenant provide either a guarantor or rent deposit or both. All of this should be set out in the alienation/assignment provision in your lease.
If the buyer does not want to guarantee the company it can provide a rent deposit. Rent deposits are far more commonplace than guarantors. I would say than the vast majority of commercial lease transactions involve a rent deposit, occasionally the tenant has to provide a guarantor as well.
As for your position on assignment of lease, the landlord will require the tenant company and your personally in your capacity as guarantor to act as a guarantor to the incoming tenant under an authorised guarantee agreement (AGA). A landlord will not agree to a transfer of the lease without the outgoing tenant and guarantor, if any, entering into an AGA guaranteeing that the new tenant will pay the rent and observe and perform the obligations in the lease.
An AGA imposes principal debtor liability. Under the terms of an AGA you can be required to take a new lease for the remainder of the term if the new tenant becomes insolvent and the lease is disclaimed by a liquidator/administrator etc.
Your liability under the AGA will run until the lease comes to an end or the new tenant transfers the lease to a 3rd party.
I hope this helps to clarify the position. Do let me know if you have any queries.
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