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Buachaill, Barrister
Category: UK Law
Satisfied Customers: 10527
Experience:  Barrister 17 years experience
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I am been asked by a national well known letting agency to

Customer Question

I am been asked by a national well known letting agency to sign a garauntor agreement to cover our son's single and joint liabilities as a tenant. The form we have been asked to return names all 4 tenants . I have e-mailed the agency to say that while I am prepared to cover my son's liabilities I am not prepared to specifically cover the liabilities of all 4 tenants (although I recognise I am indirectly covering this via my sons liability as a joint tenant). 2 of the other tenants have been asked to provide garauntors I do not know if they have returned their form so could be agreeing to act directly as garauntor for all tenants. Your advice would be welcome as I have been sent this form (after signing and returning agreements for my son a week ago) within 48 hours of the planned move.
Submitted: 1 year ago.
Category: UK Law
Expert:  Buachaill replied 1 year ago.

1. Here, you need to realise that once you become guarantor, you stand liable for the full amount liable, unless you either limit your liability to an express figure or for example, to one quarter of the amount owed. However, once you sign a guarantee for a person who is jointly liable for all the debt, then you stand liable to be asked to pay up for the full amount of the debt. So, I would suggest that you limit your liability as guarantor to one quarter of any amount owing as that is the sum which your son would be liable for, if each of the tenants paid their fair and equal share. I daresay that the landlord will not be happy with you limiting your liability in this way. But you can point out that the landlord is really doing a belt and braces job getting the benefit of at least three if not four, guarantors.