🏘️ Guarantor release deed
A guarantor release deed is a legal document that states that the guarantor is no longer liable for the debt. This means that the guarantor is released from any obligation to pay the debt if the borrower defaults. The guarantor release deed may also include a clause stating that the borrower is still responsible for the debt.
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Deed Of Express Release Of Tenant's Guarantor (Optional Substitute Guarantee)
In the UK, when a tenant enters into a rental agreement, it is common for a guarantor to also sign the agreement, providing a guarantee for the tenant's obligations. The guarantor typically agrees to fulfill the tenant's obligations if the tenant fails to do so, such as paying rent or repairing damages.
This legal template is specifically designed for situations where the tenant's guarantor wishes to be released from their obligations and replaced by another guarantor or no guarantor at all. The deed sets out the procedure and conditions under which this release can be granted, providing a legal framework for all parties involved.
The document may include clauses outlining the valid reasons for the release, the obligations and responsibilities of the substitute guarantor, and the formalities required to complete the release. It may also contain provisions for the tenant's new obligations and responsibilities, such as providing a new security deposit or complying with specific terms set by the landlord.
Overall, this legal template serves as a formal agreement that protects the interests of both the original guarantor and the tenant, ensuring that the release of the guarantor is fair, agreed upon, and legally binding under UK law.
Publisher
ƵJurisdiction
England and WalesAssociated business activities
Release tenant's guarantor
The guarantor may be released if they have fulfilled their obligations under the lease, the tenant no longer needs their support, or the guarantor no longer wishes to be financially responsible.
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