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Guarantor issue on leased property 171K
Comments
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If a wife came to see me and asked me to advise her on a guarantee for her husband's business debts I would tell her that was not something I did (and I don;t know many solicitors who would) because of the very onerous responsibilities put on a solicitor in that kind of situation by a House of Lords case called Royal Bank of Scotland v. Ettridge.
They involve investigating the husband's business affairs in some detail and giving her advice about the prospects of the business so she can form a proper view about whether or not to sign the guarantee.
She may have had that detailed advice but it is possible that she didn't. If she wasn't advised by a solicitor properly then the landlord may not be able to enforce the guarantee. If the solicitor signed to say that he advised her and he didn't then he will get sued either by her or by the landlord.
I would suggest she casts her mind back to when she signed and the nature of the advice that she had at the time about what she was signing.RICHARD WEBSTER
As a retired conveyancing solicitor I believe the information given in the post to be useful assuming any properties concerned are in England/Wales but I accept no liability for it.0 -
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Over on Landlordzone there is discussion on guarantors...
Over there it is suggested that guarantees are not enforceable if not executed as a "deed" and if not witnessed and if landlord cannot prove guarantor read/saw the lease/tenancy/what-was-being-guaranteed.
Ask the theiving b****ard who wrote for a copy of all the paperwork... Odd that it is a surveyor writing not a legal person... Hmmnnn odd...
In your shoes I'd 'phone an expert & specialist solicitor and ask his advice (expect a bill and an interesting conversation). For that sort of debt I'd want a good solicitor..
http://www.landlordzone.co.uk/forums/index.php
(Remember, you need his help, ...)
Cheers!
Artful
PS Hope it works out. If she's worth marrying she's worth living with with no money at all between you!!!0 -
Trollfever wrote: »Not relevant.
If I had a potential liability of £171k I would be visiting the bankruptcy forum on this site.
I wouldn't, I'd be off to a proper solicitor who can advise on all the circumstances of the case....much enquiry having been made concerning a gentleman, who had quitted a company where Johnson was, and no information being obtained; at last Johnson observed, that 'he did not care to speak ill of any man behind his back, but he believed the gentleman was an attorney'.0 -
neverdespairgirl wrote: »I wouldn't, I'd be off to a proper solicitor who can advise on all the circumstances of the case.
Agreed NDG but as this is a money saving site bankruptcy costs £600. A proper solicitor costs £600 per hour!
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Trollfever wrote: »Agreed NDG but as this is a money saving site bankruptcy costs £600. A proper solicitor costs £600 per hour!
A proper solicitor doesn't cost £600 an hour, necessarily....much enquiry having been made concerning a gentleman, who had quitted a company where Johnson was, and no information being obtained; at last Johnson observed, that 'he did not care to speak ill of any man behind his back, but he believed the gentleman was an attorney'.0 -
Richard_Webster wrote: »If a wife came to see me and asked me to advise her on a guarantee for her husband's business debts I would tell her that was not something I did (and I don;t know many solicitors who would) because of the very onerous responsibilities put on a solicitor in that kind of situation by a House of Lords case called Royal Bank of Scotland v. Ettridge.
They involve investigating the husband's business affairs in some detail and giving her advice about the prospects of the business so she can form a proper view about whether or not to sign the guarantee.
She may have had that detailed advice but it is possible that she didn't. If she wasn't advised by a solicitor properly then the landlord may not be able to enforce the guarantee. If the solicitor signed to say that he advised her and he didn't then he will get sued either by her or by the landlord.
I would suggest she casts her mind back to when she signed and the nature of the advice that she had at the time about what she was signing.
She signed under duress, with massive pressure from her ex husband and his father - her former father in law whose wife refused to sign and advised her not to but she felt she had no choice, which is understandable in my opinion.0 -
theartfullodger wrote: »Over on Landlordzone there is discussion on guarantors...
Over there it is suggested that guarantees are not enforceable if not executed as a "deed" and if not witnessed and if landlord cannot prove guarantor read/saw the lease/tenancy/what-was-being-guaranteed.
Ask the theiving b****ard who wrote for a copy of all the paperwork... Odd that it is a surveyor writing not a legal person... Hmmnnn odd...
In your shoes I'd 'phone "Jeffrey"and ask his advice (expect a bill and an interesting conversation). For that sort of debt I'd want a good solicitor..
(Remember, you need his help, ...)
Cheers!
Artful
PS Hope it works out. If she's worth marrying she's worth living with with no money at all between you!!!
Thank you appreciate the advice0 -
good luck...don't you just love it when things like this pop up and knock you....life is like that...It is nice to see the value of your house going up'' Why ?
Unless you are planning to sell up and not live anywhere, I can;t see the advantage.
If you are planning to upsize the new house will cost more.
If you are planning to downsize your new house will cost more than it should
If you are trying to buy your first house its almost impossible.0
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