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Thomas
Thomas, Lawyer
Category: UK Property Law
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Experience:  BA (Hons), PgDip, Practising Solicitor
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Hi , My husband bought a small business which he registered

Resolved Question:

Hi ,
My husband bought a small business which he registered as a ltd company , but the business is leasehold with a 6 year lease and its not financially viable after 3 mths so he has had to close. there is no income to pay lease, which he has signed in his own name and our home address.
Can we /i be forecd to sell off joint assetts to pay this lease if we cannot sell (due to poor reputation etc) ?
thanks
Submitted: 1 year ago.
Category: UK Property Law
Expert:  Thomas replied 1 year ago.
Hi

Thanks for your patience.

If your husband signed the lease in his personal named then the landlord will be able to sue him for any money owed if you are not able to assign (ie. Sell) the lease to another tenant.

If you are not able to negotiate a repayment plan for the monies owed then the landlord will have no option but to sue your husband.

Once he has obtained judgement against your husband then he can seek to enforce the debt. They would probably get judgement on the rent arrears, plus a sum equal to the amount of rent your husband would have paid up until the landlord should have been able to re-let the property, plus damages for expense, interest and legal fees.

They will then seek to enforce the judgement. They can enforce it against all assets in his sole name. They can also enforce it against assets in joint names but they can only do so against his interest in those assets. Your interest would be protected.

If you own a property then they can apply for an order for sale. You would defend on the basis that some of it is yours and that it is your family home. The court will then weigh a number of factors in deciding whether it would eb fair to make an order to sell or to simply make an order that a charge be entered on it against your husband’s share. It’s quite a long way down the road so you will have to see how it plays out, but I would urge you to attempt to assign the lease whilst simultaneously attempting to keep the landlord on side by constant communication.


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Kind regards,


Tom
Thomas, Lawyer
Category: UK Property Law
Satisfied Customers: 6042
Experience: BA (Hons), PgDip, Practising Solicitor
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