Tenant wants to remove guaranteur

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    Tenant wants to remove guaranteur

    My solicitor has written a new lease for my commercial tenant based on information contained within the previous lease which he has had for the last few years. Contained within the lease is a guaranteur which is there to ensure that the rent is paid on a monthly basis. He now wants to remove the guaranteur as he only wants to renew the lease for another three years. He initially agreed to the terms and conditions of the lease as it was unchanged apart from a 10% increase in the rent but now he wants the guaranteur removed from the lease document. I am not in favour of removing it as it’s there as a insurance policy for me that guarantees the monthly payments are upheld

    has anyone had any experience of having a guaranteur in place? I am concerned that he may default on future payments once the guaranteur has been removed from the contents of the lease. The business has been in place for some considerable time and it seems very strange that he suddenly wants the guaranteur removed whereas he has agreed to it in previous versions of the lease.

    Your thoughts woyld be greatly appreciated

    #2
    Originally posted by topguntone View Post
    it seems very strange that he suddenly wants the guaranteur removed whereas he has agreed to it in previous versions of the lease.
    It is of course the guarantor who agrees (or otherwise).

    The rest is a business decision.

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      #3
      so is a standard term of notice to leave a commercial property 3 months and a residential is 1 month?

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