guarantor agreement

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  • guarantor agreement

    I have a tenant who was on a 6month contract with guarantor. She wishes to renew,do I create a new tenancy for her and the guarantor? Or just her? If its only in her name will this delete the guarantor?

  • #2
    anyone help? ive been looking through previous threads, cant find anything?

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    • #3
      If you wish to sign a new agreement with the tenant, then you will need a new agreement with a guarantor. The previous guarantor agreement expired at the end of the fixed term.

      Why do you still require a guarantor?

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      • #4
        good question... dont know really, the tenant is still in the same position as she was 6months ago so I presume thats why

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        • #5
          Just because they have been a good tenant up to now does`nt mean they will not default on the rent in the future.

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          • #6
            Originally posted by Poppy View Post
            If you wish to sign a new agreement with the tenant, then you will need a new agreement with a guarantor. The previous guarantor agreement expired at the end of the fixed term.
            Surely the guarantor agreement lasts (or should do, if worded properly) for as long as the tenant remains in the property on the original AST - ie, the simplest solution would be to let the original AST go periodic and not issue a new one -then the guarantor remains liable. Isn't that right?

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            • #7
              Agree with you Eric
              Vic - wicked landlord
              Any advice or suggestions given in my posts are intended for guidance only and not a substitute for completing full searches on this forum, having regard to the advice of others, or seeking appropriate professional opinion.
              Without Plain English Codes of Practice and easy to complete Prescribed Forms the current law is too complex and is thus neither fair to good tenants nor good landlords.

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              • #8
                Surely it would depend upon the wording of the guarantor agreement?
                Any posts by myself are my opinion ONLY. They should never be taken as correct or factual without confirmation from a legal professional. All information is given without prejudice or liability.

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                • #9
                  Originally posted by MrShed View Post
                  Surely it would depend upon the wording of the guarantor agreement?
                  There is no guarantor agreement, just a signed and witnessed signature on the back page of the AST

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                  • #10
                    Are there any explicit clauses indicating that the "guarantor" would pay up in the event of problems and that they signed their name to?

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                    • #11
                      Originally posted by rainbowcuddles View Post
                      There is no guarantor agreement, just a signed and witnessed signature on the back page of the AST
                      So what does that signature mean? Unless there is a clear statement explaining what the signatory has signed up for, it's as much use as if Mickey Mouse had signed it.
                      (Actually Mickey Mouse'd probably be quite good as a guarantor, probably rolling in cash. Might be a problem with the courts recognising a mouse as valid though...)

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                      • #12
                        It doesn't say anything in the agreement about guarantors.. I have read alot of the posts on here and it says you need a seperate agreement...Ive had trouble before about it but luckily the guarantor payed up not really knowing..

                        can you believe an actual letting agents drafted this contract and guarantor stuff!!

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                        • #13
                          its hard to renew contracts with guarantor agreements though. its fine when they sign up at the agency but what happens when you wish to renew? getting them all back together again is hard...ive decided to leave out the guarantor, just because it wasn't legal on the other one to start off with

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                          • #14
                            Just to clarify the (probably) obvious: what you have currently is no guarantor, as there is nothing even close to anything tying the guarantor in.
                            Any posts by myself are my opinion ONLY. They should never be taken as correct or factual without confirmation from a legal professional. All information is given without prejudice or liability.

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