SPEEDTWIN Posted July 7, 2006 Report Share Posted July 7, 2006 I`ve got a 20 year old couple who will be on housing benifit who want to move in to one of my properies, i wouldnt normally consider them cos of their age but their father will be a guarantor who is a house owner, but does`nt live in the area. Has anyone had any experience in chasing up guarantors for rent arrears? Link to comment Share on other sites More sharing options...
Melboy Posted July 8, 2006 Report Share Posted July 8, 2006 Guarantors will default the same as bad Tenants. Chances of getting your money back for rent owed etc. is about the same. Your Call....... go with your gut feeling on the situation. I don't do 20 year olds or DSS but I am sure there are some Landlords on this Forum that do. Link to comment Share on other sites More sharing options...
SPEEDTWIN Posted July 8, 2006 Author Report Share Posted July 8, 2006 the guarantor is a house owner and he has his own buisness so at least he has some assets if i do need to go down that route. i wouldnt even consider a guarantor unless they were home owner and i had checked on the land registry website. Link to comment Share on other sites More sharing options...
Trenners Posted July 9, 2006 Report Share Posted July 9, 2006 I've taken DSS tenants with a guarantor and, touch wood, never had a problem. It is a really good sign that the father is offering to guarantee the rent. This means that he wants to help his child get a place of their own. I would guarantee my daughters rent (if she needed a guarantor) and it is nice to see that other fathers would do the same. My advice is to meet, in person, the guarantor. Go to his home. Talk with him. Judge whether you think he is 1) able to pay the rent if the tenant defaults, 2) seems like a genuine fellow who is trying to help his child get a property to rent etc etc. If you have a good feeling about the tenant and you get a really good feeling about the guarantor - then why wouldn't you go ahead ? Good luck, Mark Link to comment Share on other sites More sharing options...
F-Prop Posted July 9, 2006 Report Share Posted July 9, 2006 I'd tread carefully! If you decide to go with them, then get the father to sign a guarantor's agreement form then you can approach them for the money. I think there's a template on the RLA website as a guide. Trevor. P.S. I wouldn't take 20 year olds on DSS either! Link to comment Share on other sites More sharing options...
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