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Stuart J
Stuart J, Solicitor
Category: UK Property Law
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Experience:  PGD Law. 20 years legal profession, 6 as partner in High Street practice
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If a license to assign for a commercial property has guarantors,

Resolved Question:

If a license to assign for a commercial property has guarantors, can one solicitor represent the company and also the guarantors at the same time? A license to assign was signed by some directors as guarantors, and the solicitor did not give any advise on the seriousness of giving a personal guarantee, nor did he get them to sign any disclaimer. Should this not have been dealt with two solicitors? If the guarantors get in financial trouble can they sue the solicitor, as they were not given proper advise on this issue? How can the guarantors get help as they genuinely did not know what they were giving a personal guarantee, but thought the company is the guarantor.
Submitted: 1 year ago.
Category: UK Property Law
Expert:  Stuart J replied 1 year ago.
Thank you for the question. It is my pleasure to help you with this today. Please bear with me if I ask for more information.

Was the PG not explained in any way whatsoever?

Are the guarantors now being chased under terms of PG?

Thanks
Customer: replied 1 year ago.

The personal guarantee was not explained at all. The landlord is threatening to chase the guarantors and their assets, I.e. their homes. They also said if you decide to sell your houses, then these transactions will be reversed by the court.

Expert:  Stuart J replied 1 year ago.


There
may be a negligence claim here against the solicitor not particularly for not
advising the directors to take independent advice from another solicitor, but
quite simply, for not advising the directors at all that they were signing a
personal guarantee. If they simply sent the documents in the post with a
covering letter that said "sign here, here and here." I think there is a
negligence claim

If the
guarantor transferred their house, for example, to their wife, the court can indeed
set that transaction aside, if it is not done at market value. There is nothing
to stop a property being transferred to a spouse for no consideration but that
transfer has to be done for five years before it would escape a claim by
creditors. That is because the spouse is deemed to be a connected person.



If the
transfer for no consideration or under market value is done to an un connected person (friend or associate), then it only
needs to be transferred for two years before it is out of the creditors
clutches.



I
would start with a complaint to the firms Complaints Partner

Customer: replied 1 year ago.

If we go after the solicitor for a neglegance claim, what happens in the mean time if the landlord comes after the guarantors. Will the cost be covered by such claim?

Expert:  Stuart J replied 1 year ago.
The two issues are separate because you actually have no claim against the solicitors until you have suffered loss.
What you need to do at this early stage is put the solicitors on notice of claim and ask for details of their professional indemnity insurance. I would suggest that unless you have experience of doing this, you see another firm of solicitors to deal with this for you
Stuart J, Solicitor
Category: UK Property Law
Satisfied Customers: 20883
Experience: PGD Law. 20 years legal profession, 6 as partner in High Street practice
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Stuart J
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