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Property Mentor Investment Questions
The following question was recently submitted to our property experts by an individual looking for advice on how to deal with their property let. If you have got a question regarding your tenancy/property, contact us now via the link to the right.
Submit your own questionsHow do I stop being a Tenant Guarantor?
A: As a Tenant Guarantor you would have signed and entered into a contract with a landlord stating that in the event their tenant fails to pay rent or any other costs relating to the property, you will cover the cost. Now assuming this contract has been drawn up correctly, there are only 1 of 4 ways you can stop being a tenant guarantor:
1) The landlord agrees to let you off - if this happens, get this from the landlord in writing to prevent them from seeking out rents/payments for their tenant at a later date.
2) The tenants tenancy agreement ends by the way of a Section 21 Notice
3) Breach in contract - this occurs when one of the parties involved in the tenancy has violated the terms of the agreement. In the event this happens, you will have to prove it in court.
3) Someone dies
If you are serious about no longer being a Tenant Guarantor, my best recommendation would be to contact the landlord and see if you can come to some sort of agreement. Until an agreement is reached however, you will remain contractually obligated to fulfill the terms of the agreement.
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