I have 2 students started contract on 1st August with their close friend being guarantor. Since they are international students and their visa ends by January, we decided to do only 6 months (fixed term ends on January 31st) contract initially unless they renew their visa and prove us then we may consider them for renewal. It’s been only 3 months so far and now guarantor messaged me that he wants to come off from contract and no longer wants to be their guarantor. Is this possible? Also, can I ask him a reason for this?
Kindly, suggest.
Many thanks!
No he cannot just choose not to be their guarantor .
He signed and therefore is liable.
Be careful to read the terms of the guarantor deed.
You can ask him why they want to pull off .
Do not take the tenants you have without a guarantor … this is a red flag
Many thanks for your prompt response and advice. I’ll ask him first why does he want to pull off just in 3 months. And then also let him know that he can opt out as soon as tenancy ends in January.
Much appreciated
I wouldnt bother asking him why. Just let him know its not possible to opt out.
There is no need to renew a tenancy as it just goes periodic, (usually month to month) on the same terms, which is generally better for the landlord and the tenant.
If you are keeping the tenants don’t let him opt out in January
This will be a much bigger problem
If he’s not replaced you are stuck with tenants without a guarantor
I have “internationals” and they are here for the full length of the course, 3 or 4 years. Way too much trouble to take people in for a term. I still doubt the OP has done right to rent checks as you don’t need to see their visas.
A guarantor is usually for the duration of the tenancy. Tell them if the want to be released they must tell your tenants to give notice on the property. They have signed a legal agreement to guarantee the rent as long as your agreement lasts. When the present agreement ends don’t make a new one… just let it default to a periodic tenancy and their obligation continues. Do however make sure you do right to rent checks in good time. Make sure you contact the authorities if it expires or you will face a big fine.