A guarantor is a person who will sign the rental contract for a flat together with the tenant, guaranteeing payment of the rent if the tenant fails to do so. The guarantor is usually a parent, relative or close friend who is willing to take legal responsibility for the rent of the flat. A guarantor acts as a guarantee that the rent is paid during a situation where the tenant is unable to meet his or her financial commitment. The guarantor is as responsible for the rental agreement as the tenant.
That is why it is so important to make sure that everyone understands and accepts the conditions. A "guarantor is usually a friend or relative of the tenant and has agreed to vouch for the tenant and accept the responsibilities on behalf of the tenant. Basically, in the event that the tenant is unable to meet his or her obligations under the lease, be it for rent arrears, damage to the property or whatever, the guarantor is legally obliged to accept the liabilities on behalf of the tenant. But it can also go beyond that, because in the case of joint tenancies (i.e.
When several tenants sign the same lease), the guarantor is guaranteeing the liabilities of ALL joint tenants. If the guarantor takes on the problems of the others (usually in the form of rent arrears), he is blatantly playing the victim. Then they didn't answer me at all, as if I had to go and sign the agreement and legal documents to be the guarantor. In expensive cities with high rental prices, landlords can demand a lot from their applicants.
To be on the lookout, "the guarantor must insist that the landlord notifies him or her if rent payments are late". For a start, in the UK, being a rent guarantor does not appear on your credit rating or hinder your ability to obtain credit. If you share the property with other tenants under the same tenancy agreement, i.e. a joint tenancy, it is usual for the guarantee to apply to the whole rent, not just your share.
A guarantor is someone who agrees to pay the rent if you do not, for example, a parent or close relative. You can also ask your landlord if you can pay a higher monthly rent to compensate for the possible cost of your absconding in a future payment. I have given him this time to find a place, but no luck and I am still paying rent even though I don't live there. However, you will only need a guarantor to sign the lease if the property manager or landlord of that flat tells you that you must get one in order to be approved.
It is always best to check any security agreement carefully so that the guarantor knows how and when their liability ends. My father has been passed a bill for £1336 for rent arrears, plus a bill for all damages. It is fairly standard for a guarantor to automatically retain liability during any continuation of the tenancy, but there are always individual factors to take into account. If your son had already paid several years' rent by the time she reached retirement age, I see no reason why she should not be released from her position as guarantor on retirement.