Can a rental guarantor be changed during a lease agreement?
Hi, your response would be very appreciated.
Can a rental guarantor be changed during a lease agreement as long as the new guarantor clears the relevant checks?
One of my best friends recently split up with her husband and with a 1yr + and a 4 week old baby to look after she has a lot on her plate.
Wanting to move out and finding a place to rent (which I went to view with her), it was a perfect place for a fresh start and less to maintain.
After sending the forms into the estate agent, they asked for a guarantor. Her dad is going to be it but was away and couldn't sign them. She really wanted this property and the estate agent said he had a few more viewings that day of this property. Clearly he was just saying this as after all, he's a sale man. But she really needed this and was desperate to get it.
She came to me to ask to become a guarantor, on the basis that she would move it to her dad once she has the property etc.
Now with me still living at home, with a good wage coming in I reluctantly said yes, on the knowledge that once the flat is secured she would change it over. The estate agent also said this is possible, hence why she asked me.
She currently isn't in work as she had to leave due to pregnancy etc. The council will be paying her rent, so a bit of security for me there. But Im still a bit uncomfortable about it.
Ive been researching on the Internet if there is a possibility that the guarantor can be changed but everywhere says that you can't pull out, which isn't the case for me, we merely just want to change the guarantor?
A new guarantor can be appointed but you can only be released if the landlord agrees - simply having another guarantor does not get you off the hook.
You (or the tenant) need to write to the landlord asking if he will release you if a new (suitable) guarantor is supplied. Once you have that in writing, you would be able to defend yourself against any claim - presuming 'Dad' passes the credit checks etc required for the guarantor.
Most estate agents will do this if you ask them. The other person will have to clear checks before the transfer and there will probably be admin fees to pay. Check with the estate agent I am sure they will be accommodating if approached.
It is legally possible to change guarantor during the tenor of the lease agreement. However, the Landlord needs to give the go-ahead. For peace of mind, you may include a clause in the agreement to allow change of guarantor during the lease period and charges/fee, if any, shall be payable by your friend or the new guarantor.
Notwithstanding, since you are not comfortable acting as guarantor, perhaps you should voice it out to her to avoid future complications/loss of friendship.