We have been asked to guarantee the rent for DC for next year. The paperwork has only been provided this evening and needs to be returned by Friday.
We are aware that we will be liable for all costs DC would be liable for.
The paperwork provided seems very brief and I know we need to be careful to ensure we are only liable for the costs for our DC. Assuming we correctly fill in all the dates and amounts, only as they relate to our individual child, rather than the costs of the whole house, can anyone knowledgeable see any massive red flags with any of this wording.
This Guarantee is made the (date) between; ("the Landlord")
x x Landlords Name and Address xx and ("the Guarantor") (guarantor) of .................... .................... .................... .................... ....................
IT IS HEREBY AGREED THAT: Definitions In this Deed the following definitions apply:
“the Tenant” means (tenant name) the tenant named in the proposed Tenancy Agreement annexed to this Deed;
"the Property" means (address) the premises to be let under the Tenancy Agreement annexed to this Deed;
"the Tenancy Agreement" means the proposed Tenancy Agreement annexed to this Deed or any extension, continuation or statutory periodic tenancy which arises thereafter and includes any rental increase agreed between the Landlord and the Tenant, provided the Guarantor is notified of the increase on the signing of any extension document.
The principal terms of the Tenancy Agreement being;
Tenancy Commencement date 1st July 201-
Initial Rent £---- per quarter including utilities
Initial Term 1st July 201- to 30th June 201- (Fixed Tenancy)
Guarantee In consideration of the Landlord agreeing at the Guarantor's request to accept the Tenant as the tenant of the Property upon the terms and conditions of the Tenancy Agreement, the Guarantor hereby agrees to fully indemnify the Landlord for any loss, damage, costs or other expenses arising either directly or indirectly out of any breach of the Tenancy Agreement by the Tenant or any person acting on his behalf
The Guarantor will not be relieved of his liability under the Guarantee in circumstances where the Landlord fails or chooses not to enforce any of his rights under the Tenancy Agreement or where the Tenancy Agreement is surrendered by the Tenant.
This Guarantee shall continue throughout the period that the Property is occupied by the Tenant or by occupier(s) licensed by the Tenant including any extension or continuation, or any statutory periodic tenancy which may arise following the end of the period set out in Schedule 1 of the Tenancy Agreement.
This Guarantee shall not be revocable by the Guarantor nor will it be rendered unenforceable by the Guarantor's death or bankruptcy.
The Guarantor agrees that his rights to a seven working day cooling off period under the Consumer Protection (Distant Selling) regulations 2000 will cease seven working days from the date of this Guarantee or the date the Tenant enters into the Tenancy Agreement by paying the rent and occupying the Property, whichever event occurs first.
Many thanks for any help - the short time available (and the fact that DH is away with work until Thursday morning) mean that it is tricky to get paid for advice in time