Removing a Guarantor from a Tenancy Agreement: What You Need to Know
As a tenant or landlord, you may find yourself in a situation where you need to remove a guarantor from a tenancy agreement. A guarantor is an individual who promises to take responsibility for paying rent or any other financial obligations if the tenant fails to do so. While adding a guarantor can help tenants with poor credit histories or no rental history secure a rental property, removing a guarantor can be a tricky process. Here`s what you need to know.
Check the Tenancy Agreement
The first step in removing a guarantor from a tenancy agreement is to check the lease agreement. The agreement will usually outline the terms and conditions regarding the guarantee, including the length of the guarantee, what the guarantor is responsible for, and the process for removing the guarantor. If the agreement does not include provisions for removing a guarantor, then it may not be possible to do so without the landlord`s consent.
Obtain the Guarantor`s Agreement
Removing a guarantor from a tenancy agreement requires the agreement of both the tenant and the guarantor. You need to approach the guarantor and explain why you want to remove them and seek their consent. The guarantor will then need to sign a form or document approving their removal as a guarantor.
Negotiate with the Landlord
Once the guarantor has agreed to be removed from the tenancy agreement, the next step is to negotiate with the landlord. The landlord may be hesitant to remove the guarantor, particularly if the tenant has a poor credit history or no rental history. If the tenant is willing to provide alternative guarantees, such as an increased deposit or a personal guarantee, then it may be easier to negotiate with the landlord.
Amend the Tenancy Agreement
Once the tenant, guarantor, and landlord have agreed to remove the guarantor from the tenancy agreement, the final step is to amend the agreement. The agreement will need to be updated to reflect the changes, and all parties will need to sign the amended agreement.
Removing a guarantor from a tenancy agreement can be a complex process that requires the agreement of all parties involved. As a tenant or landlord, it`s important to understand the terms and conditions outlined in the lease agreement and to negotiate with the landlord to reach a satisfactory outcome. By following these steps, you can successfully remove a guarantor from a tenancy agreement and move forward with your tenancy.