Rent Guarantor for Ex Wife

mr_megs

No history of renting and no (read poor) credit history.

Comms69

mr_megs wrote: »

No history of renting and no (read poor) credit history.

Shouldn’t be an issue if she works though; but fair enoigh

itchyfeet123

mr_megs wrote: »

I understand there is risk in me being guarantor but by holding 8 months rent I hope this should cover most of what I would need should the worst happen.

Do you plan to put this in an interest-bearing account? Who will benefit from that?

mr_megs

Interesting itchyfeet, I've not thought about that. It's not a massive sum I would be holding, just short of £8k, so not much at current interest rates for accessible money. I'll cross that bridge when it's due back to her.

BrassicWoman

mr_megs wrote: »

Brassic woman I'm not sure what has given you the impression that I am trying to wriggle out of it, I am simply trying to understand the amount of risk I am (about to be) exposed too by understanding what happens in the worst case scenario.

Planning your arguement for court as you try to wriggle out of it, I'd say!


Worst case; she burns the place down, everything needs a refit you're liable for lost rent and insurance excess.



She runs a cannabis farm and damp mould gets in everything and you need to pay for the replacement door the police battered down.


etc etc etc...




So don't do it unless you trust her.

Slithery

mr_megs wrote: »

I am simply trying to understand the amount of risk I am (about to be) exposed too by understanding what happens in the worst case scenario.

It would be perfectly legal for the LL to let your ex live in the property for 20 years building up a debt and then come after you for the whole half million pounds in unpaid rent if they wanted to.

That's what you're signing up for when agreeing to become a guarantor.

missile

If after a few months your ex can't or more likely wont pay the rent, it can take many months to evict her. You are liable not only for lost rental but legal expenses et al.

Sea_Shell

I can't see that you mention any children being involved/affected. Is it just your ex that needs housing? Has she any family/friends she can go and live with when the house sale completes, even if only temporarily?

To be able to move on, you need to cut all ties (which obviously you can't do if kids involved), which in my eyes doesn't include being her rent guarantor. It's a headache and financial burden that could be with you for years.

Why is this still your problem?

[Deleted User]

Probably to keep her in agreement with the house sale. There is no trust there at all from the looks of it.

Personally I would have tried my hardest to find a LL who'd accept 6 months money up front so I could walk away at that point. But I guess the problem is it has to be a property the ex wants to move to as well.

AnotherJoe

1. Ensure the guarantor contract has a restriction on the total amount it will cover and also a time limit, eg the contract lapses after a period.
2. Find a different property with a LL that doesn't require a guarantor or will accept terms such as in 1 above.