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Can you assign a lease to a guarantor?

Under the Landlord and Tenant (Convenants) Act 1995 (LTCA 1995), a lease cannot be assigned by a tenant to that tenants guarantor, even if the guarantor agrees.

What does Guaranty mean on a lease?

A lease guarantee is an official agreement signed by the landlord, tenant, and in addition, a third party who meets the monetary requirements of the landlord. A lease guarantor serves as a financial intermediary and is responsible for the tenants defaults, which protects the tenant from eviction.

Can a landlord ask for a guarantor?

If you dont pay your landlord what you owe them, they can ask your guarantor to pay instead. If your guarantor doesnt pay, your landlord can take them to court. Your landlord might want to check your guarantor is able to pay the rent in the same way theyve checked your ability to pay.

Whats the difference between cosigner and guarantor?

In this article: A cosigner on a rental property is someone who signs a lease with you and assumes equal liability for paying the rent, while a guarantor is only liable to make payments when the primary borrower cant or wont pay.