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Alex J.
Alex J., Solicitor
Category: Property Law
Satisfied Customers: 3520
Experience:  Two years conveyancing experience.
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how do I cancel a student guarantor agreement

Resolved Question:

how do I cancel a student guarantor agreement
Submitted: 2 years ago.
Category: Property Law
Expert:  Alex J. replied 2 years ago.
Hi

Thank you for your question and welcome.

My name is XXXXX XXXXX I will assist you.

Normally you would need the consent of the person benefiting from it to be released.

If the guaranteed obligation is for example payments under a lease and the lease no longer exists and is paid an up to date then the guarantee will end by virtue of the underlying obligation ending.

Can you provide me with the specific wording of the guarantee?

Thank you

Kind regards

AJ
Customer: replied 2 years ago.
Which part do u require it is so parts
Expert:  Alex J. replied 2 years ago.
Hi,

Thank you.

The part that says something similar to "I here by guarantee the Guaranteed Obligations" and if applicable the definition of the "Guarantee Obligations"?

Kind regards

AJ
Customer: replied 2 years ago.
It is agreed there will b no right to cancel this agreement once tenancy has started and regulation consumer protection regs shall not apply
Expert:  Alex J. replied 2 years ago.
Hi,

Thank you.

That is not a guarantee clause.

What is the term of tenancy? One year?

Kind regards

AJ
Customer: replied 2 years ago.
yes one year but can b extended,this agreement refers to currant tenancy,any extension or renewal of tenancy, so can I stop it being extended
Expert:  Alex J. replied 2 years ago.
Hi,

Thank you.

If you terminate the tenancy and there are no arrears then you wont be liable for guaranteeing any further obligations.

You need to tell the landlord that you wont continue your guarantee if the term is extended.

Do you have any form of control over the tenants? Can you provide me with any further information?

Kind regards

AJ
Customer: replied 2 years ago.
They are my niece and family who I'm not on very good terms with cause she's refusing to pay back a loan, so I want to pull out of guarantor in case she stops paying her rent as well
Expert:  Alex J. replied 2 years ago.
Hi,

Thank you.

How much longer does the tenancy have to run?

Kind regards

AJ
Customer: replied 2 years ago.
until may 3rd 2014 I think
Expert:  Alex J. replied 2 years ago.
Hi

Thank you.

What I would suggest you do is contact the landlord closer to the time and say that you are not prepared to continue the guarantee for the extended term.

It will then be up to the landlord if he wants to agree the extension of not.

If you start raising the issue you now then as you say there is a danger she could stop paying the rent.

Once the guaranteed obligations no longer exist then the guarantee will no longer be relevant.

Can you remember how you signed the guarantee was it as a deed?

Kind regards

AJ
Customer: replied 2 years ago.
dont think so it's more like a tenancy agreement app
Expert:  Alex J. replied 2 years ago.
Hi,

Thank you.

So did you not actually sign anything?

Did you tick a box or anything?

Kind regards

AJ
Customer: replied 2 years ago.
yes it's called a,student and guarantor application for tenancy, homelet. Property rentals / south lettings limited
Expert:  Alex J. replied 2 years ago.
Hi,

Thank you.

I would start by contacting them and asking discreetly what the general length of the guarantee is.

At least then you will have an idea of what their expectations.

You can then find out if they have an internal procedure for terminating guarantee agreements.
Kind regards

AJ
Customer: replied 2 years ago.
Yes it was signed in may 2013 for 1year but then can extend if both paties agree,but if I ask them they may stop paying rent knowing I would have to
Expert:  Alex J. replied 2 years ago.
Hi,

Thank you.

That is why you should perhaps inform the letting agent closer to the time that you do not intend on guaranteeing the rent past the initial term.

The letting agent may not then agree to extend the term.

Kind regards

AJ
Alex J., Solicitor
Category: Property Law
Satisfied Customers: 3520
Experience: Two years conveyancing experience.
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