Guarantor Application--letsxl Referencing

ianmal

hi i have been asked to go guarantor for someone renting a private let ,letsxl referencing guarantor application form does not state that i am liable if the tennant did not pay the rent, is this true, the person getting the let is unemployed,and he assures me im not liable for the rent if anything went wrong,any advice on this guarantor application form,by letsxl

alm721

If you are acting as guarantor then you are guaranteeing that that you will pay the rent if the tennant doesn't. You will also be responsible if the tennant damages the property and does not pay. Tennants usually only need guarantors if they have a problem with their credit or similar. Think very carefully about this!

ianmal

thank you but the form does not say that i am liable for anything

socrates

Have you ever thought of looking up the word 'guarantor' in the dictionary?

ianmal

I CAN READ but letsxl form does not mention anything about me being liable, could you read the form online and see what i am talking about,thank you

socrates

So why would the word guarantor appear if you do not need to guarantee anything

ianmal

you are the expert just read the form online for proof of what i am saying

LeeSouthEast

If you are signing as guarantor then you are agreeing to be liable should the primary tenant not pay, regardless of the wording on the form.


From dictionary.com: "Guarantor

A person who guarantees to pay for someone else's debt if he or she should default on a loan obligation."

Debt_Free_Chick

It's likely that the Guarantor will either sign the tenancy agreement, so that they are jointly and severally liable along with the tenant; or a separate guarantor's agreement.

The application is just that - you are applying to be the guarantor in the same way as the tenant probably filled in their own application form too.

The tenant's and guarantor's obligations will be in the tenancy/guarantor agreement.

tbs624

Ian - standing as a guarantor usually means that you will be guaranteeing the tenant's fulfilment of all of his his/her obligations under the tenancy agreement. Don't sign up to a guarantor agreement without taking a copy of it, and the tenancy agreement itself, to a law centre/LL& T worker at the local CAB. Bear in mind that if this tenant is sharing the property, s/he may be doing so with what is called "joint and several liability" - this means that if one of them scarpers the other has to cough up their share of any outstanding payments. You could end up also guaranteeing to cover another tenant's share too, so get it all checked *before* you sign.

ianmal

thank you for all your help i now know what was happening I AM NOT GOING GUARANTOR