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Clare, Solicitor
Category: Law
Satisfied Customers: 35047
Experience:  I have been a solicitor in High Street Practice since 1985 with a wide general experience.
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My husband and I are guarantors of a 10 year lease of £20,000

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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?
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?
Customer: replied 3 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 3 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.

What income does he have - and is there equity in his property?
Customer: replied 3 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?

How far has the search for a new tenant reached?
Customer: replied 3 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.

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 and other Law Specialists are ready to help you