guarantors

Collapse
X
  • Filter
  • Time
  • Show
Clear All
new posts

    guarantors

    Hello and thank you for your help in advance..

    I have a house with 3 students moving in (all with guarantors).
    2 of the 3 guarantors far exceed the required 3 times annual rent, however one doesn't quite earn double...
    All 3 are home owners

    I have questioned the agency (who are dealing with this), they have come back with
    '
    each and every guarantor is jointly liable'

    Is this generally the case? What needs to happen for this to be the case?

    (per my understanding each guarantor needs to cover each tenant)

    Thank you


    #2
    There is only one tenant (all three) - and they owe rent jointly - so in reality it is a nonsense to talk of each guarantor covering one tenant. You can say in the agreement that the guarantor is only responsible for a third of the rent, but it would still be a nonsense.

    I would be more concerned about whether any of the three guarantor agreements are valid....

    ^^^^ the above presumes this is a joint tenancy

    Comment


      #3
      Whilst it is true that each tenant is responsible for the whole rent it is perfectly possible to draw up a guarantee which provides for each guarantor to guarantee only "his" tenant.

      Comment


        #4
        Yes - this is a joint tenancy.
        So with a joint tenancy All guarantors are jointly liable
        by default?

        Comment


          #5
          Originally posted by Rutar View Post
          Yes - this is a joint tenancy.
          So with a joint tenancy All guarantors are jointly liable
          by default?
          They are if they sign a standard form of guarantee. It would not surprise if, in the case of student lettings, a court declined to enforce a standard guarantee where the landlord cannot show that it was made plain that each guarantor was liable for the whole rent.

          Comment


            #6
            Thanks.
            So in the case of a standard guarantee it isn’t clear that
            each guarantor is liable?
            how should it be made clear?
            If it’s made clear and then they refuse to sign
            what are the options?

            Comment


              #7
              So in the case of a standard guarantee it isn’t clear that each guarantor is liable?
              More or less. Having a well-drafted document may not be enough. You have to look at all the circumsatnces attending the execution of the guarantee.

              how should it be made clear?
              Apart from having a good document, you have to do the best you can to ensure that the guarantor is fully aware of the obligations he is undertaking.

              If it’s made clear and then they refuse to sign what are the options?
              (a) Ask for other guarantors;

              (b) Change the form of guarantee;

              (c) Grant the tenancy without guarantors;

              (d) Do not grant the tenancy to those applicants.

              Comment

              Latest Activity

              Collapse

              • tenancy agreement and co-owner
                progress
                If only one co-owner one can sign the tenancy agreement does this mean that this implies that the other agree to it. And what happens if only one co-owner signs a tenancy agreement and the other does not agree does it make the tenancy agreement invalid and what happens to the tenants who has already...
                21-10-2018, 09:43 AM
              • Reply to tenancy agreement and co-owner
                jpkeates
                The landlord of a lease is whoever is named as the landlord on the tenancy agreement if there is one, if there isn't it depends on to whom rent is paid. The landlord doesn't have to own the property they are letting, so who owns the property doesn't affect who is the landlord.

                If one co-owner...
                21-10-2018, 10:23 AM
              • Tenant's boyfriend
                tatemono
                So, for the last year and a half we've had a young woman as a model tenant. She's improved the house no end and keeps it immaculate and only rarely raises very minimal and perfectly acceptable maintenance requests. Very pleasant lady all round.

                The other day, our agent told us that she'd...
                29-09-2018, 08:08 AM
              • Reply to Tenant's boyfriend
                boletus
                If he's not causing a problem, then as the man said;...
                21-10-2018, 09:37 AM
              • Files over 6 Years Old...
                VictoriaH
                I've been doing a tidy up of my old files.
                I have invoice folders for my estate agency from 2010/2011/2012.
                Should i be disposing of everything older than 6 years?
                Should i keep soft copies?
                Regarding ASTs and rent statements, should i be getting rid of everything over 6 years,...
                21-10-2018, 06:21 AM
              • Reply to Files over 6 Years Old...
                JK0
                Keep everything IIWY.

                HMRC can go back as long as they like if they suspect criminality. How will you prove you aren't a criminal if you don't have the papers?
                21-10-2018, 09:36 AM
              • Reply to Tenant's boyfriend
                theartfullodger
                Don't think you "have to give permission".

                Consider tenant who doesn't pay rent one month. You don't have to give permission for this (or not..), they remain liable to eviction under s8g10. Or one who fails to pay rent 3 months in a row then starts again, but still 3 months...
                21-10-2018, 09:31 AM
              • Reply to Tenant's boyfriend
                jpkeates
                In reality, I can't see a s8 notice on that basis alone resulting in repossession, on the basis that a) it's disproportionate to be made homeless for a breach of that nature and b) that courts don't want to make people homeless if they can avoid it.

                The term should probably be "which...
                21-10-2018, 09:30 AM
              • DPS Custodial Scheme & Joint Landlords
                StuartH
                Have I missed something, or is it impossible for joint landlords to be recorded in the DPS Custodial Scheme in the way that joint tenants are separately identified? Does anyone think that a problem could arise over deposit protection issues where the record shows the identity of only one of two joint...
                19-10-2018, 15:34 PM
              • Reply to DPS Custodial Scheme & Joint Landlords
                jpkeates
                It used to, but not any more (last time I used it was March - custodial scheme - so basing it on that date)....
                21-10-2018, 09:21 AM
              Working...
              X