Early Termination of Contract

[Top]

Hi,

I'm new to this game and struggling to understand where I stand - any advice therefore gratefully received.

I have a property which I wanted to let to students so I advertised it with a Letting Agent. The agent didn't seem to be doing anything and whilst there adding some finishing touches I was stopped and asked if it was available for rent next academic year - result I thought - property let and no agents fees - how easy can this land-lording lark be!

I duly downloaded an AST from the RLA site as well as a freebie Guarantor Letter.

3 x students signed the contract running from 01/07/05 to 30/06/06. The rent is written as a weekly rent per person (50% over the summer months and full thereafter). I was led to believe this was the right thing to do as all of the parents had signed the Guarantor forms - no need therefore for jointly and severably liable .

It now turns out that one of the lads has had some family problems and will be commuting next year as he needs to be at home a lot. Therefore he wants out - what do I do?

Am I correct in thinking that the Guarantor is liable for the rent so long as I am marketing the property as best I can? If so is this for the full 12 months or can the tenant close early?

I'm not looking to rip anybody off - any advice will help the tenant as much as me - if I end up ut of pocket then we'll call it another expensive lesson learned!

Advice in simple terms especially welcome.

Cheers....Top

[Paul_f]

Look! I'm sorry but this sort of question is asked so often you'll have to use the search facility.

You've already started to get things wrong unfortunately and there are so many ifs buts whys and wherefores to have time to put you right. :confused:

[zoe]

Paul

that was rude !!! Name calling and then no helpfull reply.


ZOe

[Top]

Paul,

Nice to see that Senior Members are so supportive. This site was recommended as a useful and helpful place - didn't realise this was conditional. A simple pointer as to how to get the best out of the site would have been sufficient. Thanks for taking the time to respond (sic).

Zoe - thanks for the sentiment.

[Gailforce]

The guarantors (if they have signed a document to the effect) will be liable for the rent, if any of the tenants default. You are right in your assumption that you can enforce the lease for 12 months and the others are jointly and severally liable anyway.

In future, make sure that you get the guarator referenced (as well as the tenants) and get the guarantor to sign a document stating that they will be responsible for any damages, rent etc.

Hope this helps a little bit.

[Gailforce]

Oops I just re-read your email and saw that you made the rent "per person", not sure what this means, usually I let the whole house with each tenant jointly and severally liable as it makes more sense, and only rely on the guarantor if absolutely necessary