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Need some advice - guarantor on a rented property
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Iguana
 


Member Since: 14 Oct 2013
Location: 'Sunny' Zomerset
Posts: 9402

Ukraine 
Need some advice - guarantor on a rented property

Hi all,

I could do with some legal advice please, I'm sure there's somebody out there who may have some thoughts on this

Two years ago, my wife asked if I could be a guarantor to a friend of hers (I've also know here for several years), so that she could rent a local property. I was more than happy to do this, given that we'd known each other for a long time and that she was close to my wife

Unfortunately in the last 6 months or so, the friendship has somewhat soured, and while there are no issues with rent being paid etc, I no longer wish to remain as guarantor, as I'm afraid that things could go pear shaped and I'll be held responsible for any potential debt should she stop paying the rent

I'm assuming that legally I can go to the rental agent and ask that I be removed as guarantor? Doing this may impact her of course, but I need to put myself first here and pull out of this agreement.

As you can imagine this is a very delicate situation, so would appreciate some thoughts ion how best to proceed Thumbs Up

Many thanks
Iggy
 Iggy/Ieuan

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Post #19335154th Apr 2018 8:35 pm
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Mogwyth
 


Member Since: 03 Oct 2014
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Wales 2005 Discovery 3 4.4 V8 HSE Auto Zambezi SilverDiscovery 3

My understanding from having guarantored for my kids while at uni, is that you tied in for any fixed period of rental, when that period has lapsed and it becomes an ongoing tenancy then you can withdraw by giving notice. you will need to see what you have agreed to.
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Post #19335244th Apr 2018 8:50 pm
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gstuart
 


Member Since: 21 Oct 2016
Location: kent
Posts: 13571

United Kingdom 2005 Discovery 3 TDV6 Base 7 Seat Auto Java BlackDiscovery 3
Re: Need some advice - guarantor on a rented property

Iguana wrote:
Hi all,

I could do with some legal advice please, I'm sure there's somebody out there who may have some thoughts on this

Two years ago, my wife asked if I could be a guarantor to a friend of hers (I've also know here for several years), so that she could rent a local property. I was more than happy to do this, given that we'd known each other for a long time and that she was close to my wife

Unfortunately in the last 6 months or so, the friendship has somewhat soured, and while there are no issues with rent being paid etc, I no longer wish to remain as guarantor, as I'm afraid that things could go pear shaped and I'll be held responsible for any potential debt should she stop paying the rent

I'm assuming that legally I can go to the rental agent and ask that I be removed as guarantor? Doing this may impact her of course, but I need to put myself first here and pull out of this agreement.

As you can imagine this is a very delicate situation, so would appreciate some thoughts ion how best to proceed Thumbs Up

Many thanks
Iggy


hi

don’t know if this is useful to u , but i also done that in becoming a guarantor for a friend

after the first year i got myself removed and blow me down the following year he relapsed on his tenancy and i was in the clear

i was also told ur only liable for the length of there first tenancy , so after 6 / 12 months there tenancy is renewed which constitutes a new tenancy and therefore u should be automatically removed

know some letting agents try it in when people break there contract and try and go after the guarantor

hope u get it resolved and wondering if u have a local CAB office

also found this link

http://www.propertyinvestmentproject.co.uk...guarantor/
   
Post #19335304th Apr 2018 8:57 pm
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Iguana
 


Member Since: 14 Oct 2013
Location: 'Sunny' Zomerset
Posts: 9402

Ukraine 

Cheers both, this is what I also thought but good to hear from you both on this

As I expected I'm unable to find the agreement Rolling Eyes

I'm planning to pop in on Friday and speak to the agency, original agreement was for 12 months, so fingers crossed I should be ok Thumbs Up
 Iggy/Ieuan

Current LR =
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&
1992 Land Rover Defender Camper

- Gone but not forgotten:
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MY15 Disco 4 HSE Lux in Santorini Black
MY08 Disco 3 SE manual in Buck Blue
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Post #19335544th Apr 2018 9:44 pm
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JackNorris
 


Member Since: 06 Jul 2012
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United Kingdom 2005 Discovery 3 4.4 V8 HSE Auto Tonga GreenDiscovery 3

As someone who has a rental property, On estate agent advice, I only take a guarantor for the first agreement until they have proved themselves and then let them go alone.

Check with the agent though Thumbs Up Ive watched enough Cant pay to make me never offer to be a guarantor so fair play to you their Thumbs Up
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Post #19335564th Apr 2018 9:47 pm
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astonbuilder
 


Member Since: 29 Sep 2006
Location: MIDLANDS
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England 2012 Discovery 4 3.0 SDV6 XS Auto Santorini BlackDiscovery 4

Had two types; first was tied to the length of the original tenancy and then the guarantor was no longer needed/bound to the contract (as the tenant had 'proven' themselves). That was a specific written element on the tenancy agreement

Second was the guarantor remained as such on a rolling basis as per the tenancy.

Guess it depends on what was signed up for and imagine they can 'all be different'. Even in the first example I can imagine it gets a bit 'grey' if the break-clause for the guarantor isn't specifically written into the agreement.

Your trip to the agents seems the most logical step Thumbs Up
  
Post #19335915th Apr 2018 6:14 am
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Erea
 


Member Since: 19 Mar 2012
Location: Munster
Posts: 1509

Ireland 2006 Discovery 3 TDV6 Commercial Manual Zambezi SilverDiscovery 3

Just to add, try and be careful removing yourself from the guarantor as it might sour your friendship with your wife’s friend further. As others have said check what you signed up for, your agreement might to coming to an end or already finished.


Funny story about being guarantor to a loan. Years ago an ex employee asked my grandfather to be guarantor on a loan for a motorbike, the employee told my grandfather the bank manager had said if my grandfather signed this piece of paper the bank would loan him what ever he needed. My grandfather didn’t want to sign so he told him go back and if he got the bank manager to sign it instead he’d give him the money himself interest free.
  
Post #19336095th Apr 2018 7:26 am
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Steamyrotter
 


Member Since: 03 Jul 2017
Location: Somewhere near Somewhere else in Somerset
Posts: 117

United Kingdom 

I did same for my son

But i stipulated on the form before signing that i would only be guarantor for 6 months at which point they would have proven their reliability in paying.

All went through OK amd had no issues.


First POC is the agency.
 If things were meant to be easy, then I will soon complicate them....
Please note...
Anything I say is only from my personal experience and knowledge..
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Post #19337015th Apr 2018 12:27 pm
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Hairy47
 


Member Since: 13 Jul 2017
Location: Bradford
Posts: 277

England 2005 Discovery 3 TDV6 SE Auto Java BlackDiscovery 3

as stated previously - it lapses after 6 months of tenancy, unless they signed up for say a five year rental but as far as I am aware it becomes a new agreement whether month to month or 6 months per time

hth

Andy
  
Post #19337115th Apr 2018 12:55 pm
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