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HMO letting agent

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A couple of years ago, I became guarantor for a HMO on behalf of someone that I trusted. I also paid the 6 week deposit and provided funds to renovate the property. This person concerned rented the property direct from the landlord and agreed to manage the HMO and tenants. I was supposed to receive my initial investment back and some of the monthly profit in return for this. However, over the last two years the HMO occupancy has reduced with rooms sitting empty for months and hence no profit. The person concerned has now involved a letting agency to try and get tenants, but things haven't improved. As I am owed a significant amount of money and there is no sign of this coming back, I would like to get out of being guarantor and at least recoup my deposit. However, the letting agency won't speak to me as I am not the person in the contract with them. They also say that I can't get my deposit back unless the tenants give notice to vacate the property. It seems I have been stitched up. I realise how stupid I have been, but does anyone have a suggestion on how to get my deposit back and relinquish the responsibilities of guarantor.

20/07/2018 12:21

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