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Guarantor on a friends flat - Question
DanSpooner
Posts: 28 Forumite
Hi All,
Hopefully this question is in the right area.
I've been a guarantor on a friends property since 1st April 2014.
I recently got in touch with the company that manages the rented property to enquire as to whether I still need to be guarantor, and how I would go about removing myself as this if need be. The reason for getting in touch with them is that my girlfriend and I are looking to get a mortgage early next year and shes not comfortable with me having a mortgage and being a guarantor elsewhere. I haven't renewed being a guarantor with them since I signed it (although my friends property may just be on a rolling contract).
Long story short... I got in touch with them on the 28th March and I've been chasing them since for an answer. Every time I send an email they say they've forwarded it on to a different department etc but I'm not really getting any answers from them.
Where do I stand on this? I'm a little concerned that I get no information from a company that has me as a financial link to a property of theirs. Legally shouldn't they be giving me information promptly about my status? Or am I even a financial link anymore if they haven't been in touch since 2014 to confirm I'm still okay with it? The property management company is called Touchstone CPS.
Sorry for the long question but hopefully someone can help.
Hopefully this question is in the right area.
I've been a guarantor on a friends property since 1st April 2014.
I recently got in touch with the company that manages the rented property to enquire as to whether I still need to be guarantor, and how I would go about removing myself as this if need be. The reason for getting in touch with them is that my girlfriend and I are looking to get a mortgage early next year and shes not comfortable with me having a mortgage and being a guarantor elsewhere. I haven't renewed being a guarantor with them since I signed it (although my friends property may just be on a rolling contract).
Long story short... I got in touch with them on the 28th March and I've been chasing them since for an answer. Every time I send an email they say they've forwarded it on to a different department etc but I'm not really getting any answers from them.
Where do I stand on this? I'm a little concerned that I get no information from a company that has me as a financial link to a property of theirs. Legally shouldn't they be giving me information promptly about my status? Or am I even a financial link anymore if they haven't been in touch since 2014 to confirm I'm still okay with it? The property management company is called Touchstone CPS.
Sorry for the long question but hopefully someone can help.
0
Comments
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It's your friend who needs to sort this out. You can't unilaterally withdraw your guarantee. Given you don't seem to know the status of their contract, are you still in touch with your friend?0
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It's your friend who needs to sort this out. You can't unilaterally withdraw your guarantee. Given you don't seem to know the status of their contract, are you still in touch with your friend?
Thanks for getting back to me. I am still in touch with the friend; I just wanted to find out from the property management company where I stand before I speak to him, and also where he would stand if I was no longer guarantor (whether he would need another?). It's only because it could be a sensitive subject that I want to get all of the facts from them first before speaking to him.0 -
Depends on exact wording and HOW it was set up. See
http://england.shelter.org.uk/legal/housing_options/paying_for_accommodation/guarantors
I doubt you are still liable after all this time: Assume you are not, do not pay is asked to and if it gets to court turn up & argue...
The management company will tell you you are still liable (of course, you might so "OK" & pay..). Only a judge can decide if you are still liable.0 -
I'm pretty sure your friend would have to re-apply for the property and pay the letting agency fees again.0
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DanSpooner wrote: »Hi All,
Hopefully this question is in the right area.
I've been a guarantor on a friends property since 1st April 2014.- are you sure? Did you sign a 'deed' and was this witnessed? please quote - often guarantees aren't enforceable due to being poorly written/executed.
I recently got in touch with the company that manages the rented property to enquire as to whether I still need to be guarantor, and how I would go about removing myself as this if need be. The reason for getting in touch with them is that my girlfriend and I are looking to get a mortgage early next year and shes not comfortable with me having a mortgage and being a guarantor elsewhere.- would you put your house buying plans on hold if you are still a guarantor? If you are, you can't unilaterally remove yourself. I haven't renewed being a guarantor with them since I signed it (although my friends property may just be on a rolling contract). - depends on how the Guarantee was worded.
Long story short... I got in touch with them on the 28th March and I've been chasing them since for an answer. Every time I send an email they say they've forwarded it on to a different department etc but I'm not really getting any answers from them.- get your friend to chase the agent / LL directly.
Where do I stand on this? I'm a little concerned that I get no information from a company that has me as a financial link to a property of theirs. Legally shouldn't they be giving me information promptly about my status? - From a data protection perspective, you may have a right to any information they hold about you, subject to a fee. However other than that, you should know what you signed and what that entails, they don't HAVE to tell you whether they might collect rent from you one day. Or am I even a financial link anymore if they haven't been in touch since 2014 to confirm I'm still okay with it? - Depends on the wording of the Guarantee. But if your Guarantee is still in place, they DON'T have to check youre still 'okay', nor do they have to act if you say you're not okay. The property management company is called Touchstone CPS.
Sorry for the long question but hopefully someone can help.
Find anything you signed about the guarantee and quote it here. Many aren't valid from the outset, and even if it was the wording will clarify what it covers. Also if you don't want to get into awkward conversations with friend, you could simply ask them what new agreements have been signed / whether they are on a periodic.0
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