Releasing Rent Guarantor "between jobs"

AnotherJoe

Regedit wrote: »

Thanks, appreciate the feedback. My rent has always been 100% paid and on time, I enjoy a good relationship with the agency as well as the landlord, as I've met him on several occasions when things have needed doing. I guess it's still pot luck though, I can ask them to release the gurantee and if they send me a form requesting the other info I guess I could ignore until I am in new work.

And of course, until you do return it, there's no chance they will release it, so that doesn't get you anywhere.

I think you've missed looking at it from the POV of the agent / landlord, all your comments aare about your and brothers POV. The most likely time someone will ask to be released is when either it's not needed or they are just about to need it. Until you satisfy them that you are in the former situation, and not being employed hardly fits that !!! , they would be crazy to agree

eddddy

It's a bit difficult to see the logic behind your request.

I would expect the LL's response to be "Why do you want to release your guarantor - do you envisage defaulting on your rent?".

And if your answer is "No".

So the LL would say "Then why do you want to release your guarantor? If you pay your rent, nothing happens to the guarantor."

davidmcn

I can't see anything in it for the landlord, so why would they bother?

I presume there's nothing in the guarantee which obliges them to do this (quite common in guarantees for commercial rent e.g. you can be released once the tenant can produce 3 years of accounts with enough turnover/profit).

pmlindyloo

What does your brother want?

Has he looked at his guarantor agreement to find out if he can do this himself? There may be clauses in the agreement that allow him to end his being a guarantor.

Otherwise if he cannot get out of his agreement then you can ask for him to be released but it is unlikely that they would agree.

However, you could pay the LL 6 months rent up front (or whatever they would accept) to 'sweeten things'. By that time you would have a new job?

It is also worth offering sight of your savings to reassure them that you have sufficient funds.

stator

I can easily see why you would want to do it, it's bound to be a bit embarassing and if I were the guarantor I would always worry a little bit about it. So I don't see anything suspicious about wanting to get rid of it.
At the end of the day it will be up to the landlord and whether they want to risk losing a good tenant or not.

theartfullodger

Tessa wrote a recent very thorough article on guarantors and how they perhaps unenforceable after end of fixed term. See
http://www.landlordlawblog.co.uk/2013/01/08/is-my-guarantor-still-liable-after-the-fixed-term/

.....if you stay on after the end of the fixed term of a tenancy, it will automatically run on as a ‘periodic’ tenancy under the terms of the Housing Act 1988. It is just the fixed term which has expired not the tenancy.

Whether your guarantor is still liable however will depend on the terms of the guarantee deed he signed. it is impossible to say without seeing it.......