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In the world of finance, there are few things more important than guarantees. A guarantee is a pledge to ensure that debts are repaid, even in the case of default. This legal commitment is an essential tool for lenders, providing them with the peace of mind they need to offer loans and other forms of credit. With expert legal advice, individuals can protect themselves against the worst-case scenarios and ensure that their assets remain safe. As personal guarantee lawyers, we are here to help.
We take pride in standing out from the competition as a result of the exceptional service we offer
A guarantee is a legal commitment to repay a debt where the original borrower has defaulted on their repayments. The guarantee entitles the lender to pursue the guarantor in a personal capacity (ie against the individual’s assets, including their residential property), if the original borrower defaults on the repayments. In essence, the person providing the guarantee will “step into the shoes” of the debtor on default.
For example, where a company seeks to obtain a loan, the lenders are likely to require that the directors of the borrowing company will provide guarantees for the repayment of the loan if the company is unable to do so.
A cross company guarantee may also be required when a subsidiary company borrows. This is where the lender seeks a guarantee from the parent company.
Given that lenders can secure the repayment of the original borrower’s loan against the guarantor’s personal assets, it is crucial that the guarantor seeks independent legal advice so that they understand the document they are signing.
Most lenders will not grant the loan until confirmation of this advice has been received as this avoids any future dispute regarding whether the guarantor understood the nature of the agreement in the event that the guarantee is enforced.
We are able to provide independent legal advice with regards to the terms of the guarantee you are looking to enter into, whether this be a standard or cross company guarantee.
We will meet with you promptly, either in our local offices of via video-call (subject to the lenders approval) and provide you with detailed advice on the practical implication of a guarantee that they are being asked to enter into.
At the end of the meeting, we will witness the guarantor’s signature (if face-to-face) and sign a solicitor’s certificate confirming that the legal advice has been provided. Thereafter, we will promptly send the documents to the lender ready for completion.
Here are a few of our team’s reasons as to why you should choose Poole Alcock to assist you with Personal Guarantee Advice:
Experience: Our solicitors have years of experience handling legal affairs relating to banking, property, and finance. No matter the nature of your concern, we’re available to help.
Client-Focused: We will take the time to learn what your needs are to ensure that our legal assistance is tailored to your unique circumstances. We aim to build long-lasting partnerships with all of our clients and our expert solicitors are available to support you or your business through any legal challenges.
Cost-Effective: Our transparent pricing structure ensures that our service are accessible to you at an affordable rate. You will never encounter any hidden fees when you work with us.
If you’re looking for trusted corporate and commercial solicitors, look no further than Poole Alcock. Contact us today to schedule a consultation and let us show you how we can help you protect and grow your business.
Deputy Managing Partner
Please find below some FAQs regarding Personal Guarantee Advice
The lender is unlikely to grant a loan unless it receives confirmation from a qualified solicitor that the advice on the terms of the guarantee has been given. The advice must be given for each specific guarantee.
Each person giving a guarantee will have to attend a meeting with the solicitor alone. If there are several guarantors, they will each have a separate meeting with the solicitor.
This will differ case to case; most lenders will require that the advice is provided in a face-to-face meeting, although some may agree to a video-call instead.
We were recommended to use Poole Alcock and in particular, Monisha by our neighbours, who found her to be very approachable.
Throughout our relationship, from the initial meeting through to completion, the communications were always first class and easily understood. Monisha was knowledgeable in the subject we approached her with and was quickly able to conclude the documentation and business we had.
I would not hesitate to recommend Poole Alcock, and Monisha herself, if asked.
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