UK Landlord Forum / Life

I've just had the Guarantor of one of my tenants email me to say he doesn't want to be the guarantor anymore and 'that's it'! The original contract was set up for six months but to roll on after that if the tenant chose to stay and I agreed. Best to say "he's a nice chap", I haven't come across someone who's a rude as that for ages. Before taking it further I've researched and it seems that A) a guarantor can't just resign, it has to be with agreement, B) there's a debate about 'periodic' and rolling contacts i.e. the ending. C) I'm assuming that a new contract would be required for change of Guarantor or if the Tenant was in a better position one with a credit check. As per normal?
Has anyone been in this postion, a Guarantor wanting to step away? Thanks

Guarantor agreements are notoriously difficult to enforce against a reluctant guarantor.
Other than for student letting, they're mostly useful for moral pressure.

If the guarantor and tenant have fallen out, there's probably not much you can do about it.
If the tenant has been paying full rent on time, it's possible that the guarantor is now redundant.

Are you thinking of evicting the tenant if there's no guarantor?

Legally,a guarantor can't just decide to tear up the contact they signed.In real life,you can't do anything to force them to honour the agreement.Never ever take a tenant who can't manage without one.If the tenant is still paying on time,take it as it comes for now.If they seem dodgy,serve notice (s21) while you still can.

Quote from: jpkeates on October 04, 2022, 05:19:15 PM
Guarantor agreements are notoriously difficult to enforce against a reluctant guarantor.
Other than for student letting, they're mostly useful for moral pressure.

If the guarantor and tenant have fallen out, there's probably not much you can do about it.
If the tenant has been paying full rent on time, it's possible that the guarantor is now redundant.

Are you thinking of evicting the tenant if there's no guarantor?

No I'm not thinking of evicting him. His email just arrived out of the blue. The issue is the initially the tenant had returned from 4 years travelling so didn't have a proper credit score or check record. Hence the guarantor. However, he tenant is reliant on a trust set up following an accident. So unless there's a court order I wouldn't be able to ascertain his worth or income.

Quote from: heavykarma on October 04, 2022, 06:36:30 PM
Legally,a guarantor can't just decide to tear up the contact they signed.In real life,you can't do anything to force them to honour the agreement.Never ever take a tenant who can't manage without one.If the tenant is still paying on time,take it as it comes for now.If they seem dodgy,serve notice (s21) while you still can.

We live and learn I guess.