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Guarantor Liability

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Author Topic: Guarantor Liability  (Read 176 times)
Newbie
Posts: 2

I like property

« on: May 13, 2021, 02:55:19 PM »

Hi there,

Myself and two others are looking for a rental property in London. One is self employed of just over a year, one rents out another property as her regular income, and I am a mature student about to graduate. We have had a few stumbling blocks regarding guarantors.

When previously renting back in my proper student days, we all provided guarantors which were, as normal, jointly and severally liable for the rent. This was all fine as we were all on the same level playing field and each tied to the agreement in the same way.

Looking for a flat now, as I am a mature student I will once again need to provide a guarantor, though my other two housemates may not. This has cause a bit of concern for my guarantor as they will therefore be liable for the full rent, whereas in prior student tenancies the risk has been somewhat mitigated by there being several other guarantors who had informally agreed how things would be settled in a worse case scenario (everyone in the same boat situation).

 I fully understand that the situations are not different in that in both cases the guarantor is jointly and severally liable, however the income of my current housemates is substantially less of that of a prior guarantor, and therefore the risk is somewhat increased.

My question is, is it possible to ask for a guarantor agreement to be amended to limit liability to the portion of the rent to which they are guaranteeing, and if so is this something that's often done?

Any advice appreciated!
Newbie
Posts: 2

I like property

« Reply #1 on: May 13, 2021, 03:19:23 PM »

I addition to this, another query that has arisen. One very established estate agency has said that even if we all provided guarantors, only the first guarantor listed on the agreement would be liable, and the other two would be null and void in a court of law.

I was a little confused as prior to this she referred to guarantors as jointly and severally liable which doesn't seem to tally up with her then saying only the first guarantor listed is liable by law.
Jr. Member
Posts: 79

I like spoons

« Reply #2 on: May 27, 2021, 04:33:25 PM »

As a landlord, if only one of my potential tenants required a guarantor, i would only expect that guarantor to cover a share of the rent. IE, if there were 3 tenants, guarantor would be for 1/3 of the rent.

Although, your landlord and/or agent might not be as flexible.
Hero Member
Posts: 606

I like property

« Reply #3 on: May 27, 2021, 05:41:31 PM »

One very established estate agency has said that even if we all provided guarantors, only the first guarantor listed on the agreement would be liable, and the other two would be null and void in a court of law.

Complete and utter tosh.

Guarantor can't/shouldn't really be only guaranteeing part of the rent etc. The person they are guaranteeing are jointly and severally liable for the totality, why would the landlord then volunteering limiting the guarantee they requires from the guarantor?

You can try HMO room let with shared kitchen etc., i.e. seperate contract, then this issue wouldn't arise.
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