Guarantor Declaration (Deed of Guarantee)
The legal terms and conditions for guarantors of student tenancies
1. Introduction
This Deed of Guarantee is made between Lincoln Property Company Ltd (trading as Student Housing) and the undersigned Guarantor. The Guarantor confirms they have read and understood the tenancy agreement for the property detailed below and agree to guarantee the obligations of the specific tenant named in this agreement.
2. Guarantor's Obligations
The Guarantor irrevocably agrees to be liable for the full performance of the named tenant's obligations arising from the tenancy agreement. This includes, but is not limited to, the tenant's portion of rent (referred to as "Suggested Rent"), utility charges, damages, costs of disrepair, cleaning, legal enforcement costs, mesne profits, and any other liabilities under the tenancy attributable to that tenant.
3. Scope and Duration
This guarantee applies to the initial fixed-term tenancy and any extension, renewal, or statutory periodic continuation of that tenancy. Any changes to tenancy terms that do not materially increase the Guarantor's liability shall not release the Guarantor from obligations.
4. Payment on Demand
If the named tenant defaults on payment, the Guarantor agrees to pay all amounts due, limited to that tenant's suggested portion of rent and related liabilities, within 7 days of receiving a written demand from the landlord or agent.
5. Joint Tenancy with Suggested Rent
Where the tenancy is a joint tenancy, the Guarantor acknowledges that, while tenants are jointly liable, the Guarantor's liability under this deed applies only to the obligations and suggested rent portion of the tenant for whom they are providing this guarantee, along with that tenant's share of damages or other tenancy-related liabilities.
6. No Waiver
Any indulgence, delay, or concession given to the tenant by the landlord shall not release or affect the Guarantor's liability under this deed.
7. Interest on Overdue Sums
The Guarantor agrees to pay interest on any overdue amounts at a rate of 3% above the Bank of England base rate, in accordance with the Tenant Fees Act 2019.
8. Termination of Guarantee
For periodic tenancies, the Guarantor may terminate this guarantee by giving two months' written notice, effective only after the named tenant has vacated the property.
9. Variation and Renewal
This guarantee will continue to apply to any extensions, renewals, or variations in tenancy terms, provided the Guarantor consents to material changes in writing.
10. Continuing Liability on Holdover
The Guarantor's liability continues until the named tenant vacates the property, including any period of occupation beyond the contracted end date.
11. Guarantor's Estate Liability
In the event of the Guarantor's death, their estate shall remain liable for all obligations under this deed.
12. Independent Advice Acknowledgement
The Guarantor confirms they have had the opportunity to take independent legal advice before signing this deed and fully understand its implications.
13. Legal Costs Recovery
The Guarantor agrees to reimburse the Landlord for any reasonable legal or enforcement costs incurred in recovering sums owed under this guarantee.
14. Severability
If any part of this deed is found to be unenforceable or invalid, the remainder shall continue in full force and effect.
15. Execution as Deed
This document is executed as a deed. The Guarantor's obligations are binding regardless of any lack of consideration.
16. Declaration
The Guarantor confirms they have read and understood the tenancy agreement and this deed, including the explanation of suggested rent liability for the specific tenant they are guaranteeing, and have had the opportunity to seek independent legal advice.