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Acting as Guarantor
Comments
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When you become a guarantor can you specify a limit, i.e. if the tenant was to get into arrears they have a guarantee of 6months max?
I'm just thinking of the situation where a tenant stops paying, but never moves out and the Landlord doesn't evict because he's guaranteed the rent (or is receiving rent instead).0 -
All this has really opened my own eyes and I have passed ALL the information on to my friend. I don't believe she was fully aware of the commitment and i hope the information and help you have given will help her make the "right" decsionIf youcan lie down at night knowing in your heart that you just made someone’s day just a little bit better,you know you had a good day!!0
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Your friend should also bear in mind that although her daughter and partner may be signing up for am initial six month fixed-term they will be guaranteeing all of the rent for the whole duration of the tenancy. And that could be a potential albatross round her neck for years.
The daughter might be more of a known quantity but her partner may not be. Bad things can happen to nice and seemingly decent people0 -
Is the partner long time unemployed? If a recent thing and he is actively looking and has a history of being hard working, I would take the risk for a child (daughter) of mine to help get them back on their feet.
If the OH was a lazy, couldn't get off their backside type, I would have to think longer and seek legal advice on the implications. Very difficult for a parent in this situation. It is easy for us to say don't do it, but when your child and their children are in need, the instinct is to want to help. The demand on parents today to financially support their grown up children is really scary.
Good luck to the OP's friend.
"Life is difficult. Life is a series of problems. What makes life difficult is that the process of confronting and solving problems is a painful one." M Scott Peck. The Road Less Travelled.0 -
That is exactly the problem with the guarantee. It is open ended.When you become a guarantor can you specify a limit, i.e. if the tenant was to get into arrears they have a guarantee of 6months max?
I'm just thinking of the situation where a tenant stops paying, but never moves out and the Landlord doesn't evict because he's guaranteed the rent (or is receiving rent instead).
There is no legal reason why the guarantor cannot specify a limit - or why they should not have the power to issue notice of termination or even to initiate proceedings for eviction in the name of the Landlord, which would perhaps rebalance the liability of a guarantee.
But I doubt that many LL's would accept a guarantee framed other than in open ended terms.Hi, we’ve had to remove your signature. If you’re not sure why please read the forum rules or email the forum team if you’re still unsure - MSE ForumTeam0 -
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You should find yourself a guarantor.poppysarah wrote: »I want a 7 acre small holding in the country with a swimming pool and a gym... but until I can afford it myself I can't have it.Hi, we’ve had to remove your signature. If you’re not sure why please read the forum rules or email the forum team if you’re still unsure - MSE ForumTeam0 -
DVardysShadow wrote: »You should find yourself a guarantor.
Is that a new name for sugar daddy? ;-)0 -
I think loaning 6 months rent to pay upfront is a much better way.
Most landlords are happy to accept large amounts upfront instead of guarantors, and this way your friend knows she wont lose more money than that.Faith, hope, charity, these three; but the greatest of these is charity.0 -
DVardysShadow is not an old or a new name for sugar daddy. I can't believe what you are suggesting. :eek::eek::eek:poppysarah wrote: »Is that a new name for sugar daddy? ;-)Hi, we’ve had to remove your signature. If you’re not sure why please read the forum rules or email the forum team if you’re still unsure - MSE ForumTeam0
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