Can a guarantor break a lease?
A guarantor on an apartment lease agrees to pay the rent if the tenant can’t.
If the guarantor can’t pay, the consequences can be serious for both tenant and guarantor.
The landlord can evict the tenant and initiate collection action against the guarantor.
Can I stop being a guarantor in a tenancy agreement?
If the Tenancy Agreement becomes periodic, then the guarantor will STILL be the guarantor. However, when the fixed term is over and becomes periodic, the guarantor can opt out of the deal by writing to the landlord to terminate the agreement. This is perfectly legal and has been tested in court.
Can a guarantor be a tenant?
A guarantor is a person who is willing to pay the rent if a tenant can’t. Typically, this person is an immediate family member, but people can use anyone, like a friend or a colleague, who is qualified and willing.
How do I stop being a guarantor for rental property?
How Do I Stop Being A Tenant Guarantor?
- The landlord allows the guarantor to surrender their legal obligations as a guarantor.
- If the Deed of guarantee contains a termination provision (allowing the guarantor to withdraw on say two months’ notice)- the provision can allow the termination during the fixed term.