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Buachaill
Buachaill, Barrister
Category: Law
Satisfied Customers: 10623
Experience:  Barrister 17 years experience
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I have been a guarantor on my nephews tented property

Customer Question

Hi,
I have been a guarantor on my nephews tented property for 8 years but now want to cease due to changes in my financial situation.I have a continuing guarantor agreement with the landlord and the agreement I assume has been automatically renewed after each 12 month term.I have never seen any tenancy agreement either at the start or since but have a opy of a signed guarantor statement.
There have been no issues with my nephew paying the rent and after 8 year I feel enough is now enough can you advise me please,thank you.
Submitted: 2 years ago.
Category: Law
Expert:  Buachaill replied 2 years ago.
1. Here is a link to a free Notice of Termination of a guarantee for you to use in the current situation http://www.getfreelegalforms.com/guarantee-termination/2. Essentially, you need to serve a Notice of Termination of the Guarantee upon the landlord so that you bring your obligations under the guarantee to an end. This is the way in which you cease to be guarantee of your nephews obligation under the lease to the landlord.
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Customer: replied 2 years ago.
Thanks can I just confirm please that this applies to the continuing arrangement not just the expiry of a normal guarantee period, thank you.
Expert:  Buachaill replied 2 years ago.
3. There is no need for a Notice of Termination of a Guarantee when a normal guarantee period ends. A Notice of Termination of Guarantee is only applicable to a continuing guarantee. So Yes, this does apply to a continuing arrangement.