Authorised Guarantee Agreement

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    Authorised Guarantee Agreement

    Hi

    2.5 years ago, I sold a leasehold business and assigned the lease to the new people, I had to sign an AGA.

    I hear last week somebody else has now purchased the business, I would assume the lease has been assigned to the new people and therefore my liability has been released...

    BUT..

    If the landlord has made the outgoing person Sublease the property (not sure if he can make them do this or not) but then that would mean I would still be the guarantor..right?

    If this was the case, would the landlord need to inform me of this as I am the guarantor or can they just go ahead without informing me...Or is subleasing not a normal scenario...

    The reason why I ask is as I assume the Landlord would still want me to guarantee it over the outgoing person as they ran the business poorly and I am in a better position...

    #2
    The AGA applies to you for as long as your assignee is the tenant. It makes no difference if the tenant has sub-let. The landlord does not need to inform you, as there has been no change of tenant.

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      #3
      Originally posted by rentreviewspecialist View Post
      The AGA applies to you for as long as your assignee is the tenant. It makes no difference if the tenant has sub-let. The landlord does not need to inform you, as there has been no change of tenant.
      Ahh I see...Thanks for that...

      It seems as though the new tenant is in direct contact with the Landlord so I would assume he is the new assignee and not sub tenant...

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