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Guarantee on Lease

  • 06-01-2010 4:26pm
    #1
    LauranceB
    Closed Accounts Posts: 50 ✭✭


    Things for me on the employment front haven’t been looking to good so have been looking around and trying to come up with business ideas etc.
    Just before Christmas I went to look at a shop for let in the city center. Everything seemed above OK, until the auctioneer said that the owners of the building would also be looking for a guarantee on the building and that a couple of months rent in advance would not be enough to cover that guarantee as they would require me to come up with a guarantee i.e. with any property I had or instead put a substantial amount of money up front. This money is not key money but money of sorts that would stop me from leaving the lease early or any damage that would be caused to the property through no fault of my own.
    Is this a complete try on or has anyone else ever heard of this type of thing before?


Comments

  • #2
    gnxx
    Closed Accounts Posts: 228 ✭✭gnxx


    LauranceB wrote: »
    Things for me on the employment front haven’t been looking to good so have been looking around and trying to come up with business ideas etc.
    Just before Christmas I went to look at a shop for let in the city center. Everything seemed above OK, until the auctioneer said that the owners of the building would also be looking for a guarantee on the building and that a couple of months rent in advance would not be enough to cover that guarantee as they would require me to come up with a guarantee i.e. with any property I had or instead put a substantial amount of money up front. This money is not key money but money of sorts that would stop me from leaving the lease early or any damage that would be caused to the property through no fault of my own.
    Is this a complete try on or has anyone else ever heard of this type of thing before?


    I've never paid a deposit or guarantee on a commercial lease.

    I would walk away from this type of arrangement given the current state of the property market.


  • #3
    LauranceB
    Closed Accounts Posts: 50 ✭✭LauranceB


    Gnxx, that's interesting because the auctioneer had me convinced that rent in advance was sought.

    I was speaking to the owners of the adjacent shop who told me the previous tenants left as they were moving abroad but the landlord refused to pay them back their deposit because they left the lease early.
    Luckily enough they didn’t put their home up as a guarantee but had gave her quite a sum of cash apparently.


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