Rental Property - Relationship/Guarantor Breakdown

davidmcn

mrginge wrote: »

I dont know know what possible reasons could be or if they exist at all.

I think any advice here comes with an implicit "unless the deed contains some sort of bizarre clause which none of us here has ever seen before..."

G_M

Given the naivity of the question (sorry OP - but as a landlord you really should understand the guarantee you put in place!), I wonder whether the guarantee is valid at all. Many are not!

* did the guarantor receive a copy of the tenancy agreement before Executing the guarantee?
* was the guarantee agreement 'Executed as a Deed'?
* was it properly witnessed and signed?

However, assuming it was properly set up, then as others have said, the terms of the Deed will be as written in the Deed, which we cannot see.

But as also said,a Deed of Guarantee that permitted the guarantor to withdraw whenever they wanted would be as pointless and useless as a Deed that was not properly Executed!

gazfocus

Thanks for the replies. There was never a concern over the tenant not being able to pay his rent, as he had two good jobs and the guarantors wage was also taken into account. There was some reason he didn't want his partner on the tenancy so we agreed the guarantor as a work around, but she was always meant to be living there, and did move in initially (I believe she's only just moved out).

The guarantor was done as a deed which I got from the NLA website.

AdrianC

gazfocus wrote: »

There was never a concern over the tenant not being able to pay his rent

OK, so the guarantor was never needed, and letting them off the hook while he continues in residence won't be a problem, right?

gazfocus

AdrianC wrote: »

OK, so the guarantor was never needed, and letting them off the hook while he continues in residence won't be a problem, right?

It's often helpful if you read/quote the full sentence rather than picking at one bit to make me look stupid.

AdrianC

gazfocus wrote: »

It's often helpful if you read/quote the full sentence rather than picking at one bit to make me look stupid.

I quoted the only relevant bit, and trimmed the unimportant padding.

All a guarantor does is provide back-up if the tenant cannot pay the rent. If there was...

never a concern over the tenant not being able to pay his rent

...then the guarantor adds nothing bar a bit of paper.

The rest was, is, and will remain irrelevant. If the other half was never on the tenancy, then it makes no difference if she moved in or not, because she was never contractually liable for rent, except in her capacity as a guarantor in the event of what you never thought would happen in the first place. The affordability references should never have been based on both incomes when only one person was a named tenant.