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Ash
Ash, Solicitor
Category: Law
Satisfied Customers: 10916
Experience:  Solicitor with 5+ years experience
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I guaranteed my sons joint and several tenancy agreement for

Resolved Question:

I guaranteed my son's joint and several tenancy agreement for the house he shared with 4 other uni students on the basis that the letting agent told him that he had to have a guarantor like everyone else. One of his housemates dropped out of uni and despite promising to pay his outstanding rent then due and getting a replacement so that it didn't increase, he did neither. It turns out that he was the only tenant that did not have a guarantor and the 4 guarantors are now being threatened with legal action to recover his debt. Did the landlord/letting agent have a fiduciary responsibility to advise the guarantors of this discrepancy at the outset as we signed in good faith that it was a level playing field?
Regards
Submitted: 3 years ago.
Category: Law
Expert:  Ash replied 3 years ago.

Alex Watts : Hello my name is XXXXX XXXXX I will help you with this. Please note that I am a working Solicitor and may be on and offline as I have to attend Court and meet with clients, even at weekends. As such you may not get an instant response when you reply, but rest assured I will be giving your question my immediate attention upon return You do not need to wait here as you will get an email when I reply.
Alex Watts : Is the landlord pursuing this other tenant please?
Customer: landlord has stopped pursuing other tenant.
Alex Watts : Ok. It's bad news.
Alex Watts : As guarantors you are joint and severally liable.
Alex Watts : This means all 3 of the guarantors are liable for the debt.
Alex Watts : It makes no difference that the fourth tenant did not have a guarantee. You 3 are all liable.
Alex Watts : Your only course of action is to pay the debt and then pursue the fourth tenant for the arrears.
Alex Watts : But the landlord does not have to as you have guaranteed payments to the agreement.
Alex Watts : I know this seems unfair and I agree it is, but with only 3 guarantors you are joint and severally liable.
Alex Watts : I am sorry if this is not the answer you want and certainly not the one I want to give you, but I have a duty to be honest.
Alex Watts : Can I clarify anything for you about this today please?
Customer: Thanks for the straight answer so nothing further is required thank you.
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