PLEASE READ BEFORE POSTING

Hello Forumites! In order to help keep the Forum a useful, safe and friendly place for our users, discussions around non-MoneySaving matters are not permitted per the Forum rules. While we understand that mentioning house prices may sometimes be relevant to a user's specific MoneySaving situation, we ask that you please avoid veering into broad, general debates about the market, the economy and politics, as these can unfortunately lead to abusive or hateful behaviour. Threads that are found to have derailed into wider discussions may be removed. Users who repeatedly disregard this may have their Forum account banned. Please also avoid posting personally identifiable information, including links to your own online property listing which may reveal your address. Thank you for your understanding.

Guarantor on a friends flat - Question

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.

Comments

  • davidmcn
    davidmcn Posts: 23,596
    Name Dropper First Anniversary First Post
    Forumite
    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?
  • davidmcn wrote: »
    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.
  • theartfullodger
    theartfullodger Posts: 14,455
    Name Dropper First Anniversary First Post
    Forumite
    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.
  • Mela322
    Mela322 Posts: 149
    First Anniversary First Post Combo Breaker
    Forumite
    I'm pretty sure your friend would have to re-apply for the property and pay the letting agency fees again.
  • saajan_12
    saajan_12 Posts: 3,594
    First Anniversary Name Dropper First Post Combo Breaker
    Forumite
    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.
This discussion has been closed.
Meet your Ambassadors

Categories

  • All Categories
  • 342.5K Banking & Borrowing
  • 249.9K Reduce Debt & Boost Income
  • 449.4K Spending & Discounts
  • 234.6K Work, Benefits & Business
  • 607.1K Mortgages, Homes & Bills
  • 172.8K Life & Family
  • 247.4K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 15.8K Discuss & Feedback
  • 15.1K Coronavirus Support Boards