Please release me: lease guarantors and licences for alterations
By Matthew Kemp
The recent decision in Topland Portfolio No.1 Limited v Smiths New Trading Limited is a useful reminder to landlords to join any existing guarantor into supplemental lease documents.
The 1878 case of Holme v Brunskill established a rule that a guarantor will be discharged from its guarantee if the underlying contract is varied after the guarantee is given, except where either: the guarantor consented to the variation; the variation is obviously insubstantial or incapable of adversely affecting the guarantor…
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