Releasing a guarantor yes or no?

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    Releasing a guarantor yes or no?

    I Have good tenants fussy at times and I provide more than I should as they report any little thing and treat the home as theirs.. I don't mind as they are so greatful and respectful I'd rather that than the one before who left rats refused visits and left owing arrears leaving to go back to Lithuania. Not worth chasing him..
    They have been there two years nearly pay on time. I needed a guarantor as the wife didn't pass the credit checks as the are from South Africa and this is their first let in the UK. I don't know their long term plans and they do own property in their home. Twice they have asked if their guarantor can be released and I have said sorry no. Am I being overly cautious?? What would it mean if we signed a new contract without one would they need new credit checks. I want to show trust but I need to be careful too..
    what would you Do?

    #2
    Just tell the tenant that he should know as well as you what good tenants they are and should therefore have no concerns about remaining guarantor. Having said that, there is a good chance that the guarantee agreement is not in force now anyway.

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      #3
      Say: 'As long as they behave, you'll never have to call on the guarantor.' The solution is in their own hands.

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        #4
        Do you not think that is a strange request? I don’t see why they would want that? Alarm bells

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          #5
          Yes it is. The guarantor was asking as she's been asked to stand for someone else. I've said no sorry as the contract states for the entirety of letting even at Renewal as you say perhaps not enforceable any more.
          thanks

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