I’ve downloaded guarantor agreement from NRLA website but it’s an execute as a deed type and requires a witness signature. Disappointingly there’s no other type which doesn’t require a witness signature.
This is a bit of a ball ache. Any suggestions anyone?
Guarantor agreements ard pretty useless unless theyre executed as a deed as there is no consideration.
There is no consideration?
Edit….just looked it up…. So a consideration means something is “given in return” iE payment
Correct. A key element of a contract is the consideration, but as there isnt one here, you need another form of agreement that has legal status - a deed.
So is the guarantor section the Openrent AST effectively pointless? Its just a section of the main agreement. Surely OR’s lawyers would be aware of this technical detail?
Ive never seen the Openrent AST so cant really comment. If an AST is itself signed as a deed then that might be ok. Otherwise, I would say that a lawyer acting for the guarantor might well get them off the hook.
I’ve gone the most robust option, a guarantor deed. Better to be safe!