Tennant Guarantor

[BAS]

Hi,

Never needed a tenant guarantor before but do now. Do I need another ast or is there a contact available just for guarators. any advice welcome.

.

Cheers

Bas.

[Carryon Regardless]

The principle is that a guarantor is providing you with a 'Deed of Guarantee' and asking for you to accept them as such.

I provide a pre printed deed and they sign, the deed is then witnessed by an unrelated person. As LL you don't sign but of course keep possession of a copy.

I also have the guarantor sign onto the AST to demonstrate that they have had sight of the agreement that they are guaranteeing.

[Richlist]

If you aren't using a lettings agent are you familiar with other aspects of letting eg........deposit protection, rent guarantee insurance, inventories, S21's, allowable expenses/ tax etc ?

[Mortitia]

When getting someone to act as guarantor don't forget they need to be credit checked and they ideally need to be a property owner.

Beware - after the 1st 6 months of the agreement or AST, if the tenancy goes periodic the status of the guarantor needs reviewing.

There have been a few cases recently whereby a county court judge has ruled that guarantors should not be expected to be liable over long periods of time in the same tenancy. This would mean that if your tenancy ran over 1 year the deed should be renewed to give the guarantor a reminder and he/she may indicate they no longer wish to take the risk.

Ideally the deed should be drawn up by a solicitor or competent person.