INFORMATION FOR GUARANTORS
There is no Fee for being a Guarantor. If the Tenant defaults on the Tenancy Agreement, some / all of the associated Tenant Fees may become the liability of the Guarantor. The Tenant Fee list can be found on our website & is attached to the new-let e-mail.
Who Can Be a Guarantor
A parent, guardian or a friend over the age of 21 can stand as a Guarantor. Guarantors generally tend to be close to the applicant who is looking to rent the property, a tenant may offer a Guarantor or a Landlord / Agent may request one if the applicant does not have the appropriate credit or reference history required to rent the property in their sole name.
A guarantor will initially receive a new-let email, this will be followed by a pre-tenancy contract outlining all tenancy terms. A draft tenancy agreement will also be made available at this point. It is very important that both the applicant and the guarantor read all of the pre-tenancy documentation thoroughly, if you are unsure about any of the terms and conditions you must ask the agent for clarification and/or seek independent legal advice.
What Checks Are Made
The guarantor will then be asked to complete an application form and provide reference details. The checks may include:
– Credit check
– Employers reference
– Character reference
– Solicitors reference, if the sale of property is involved
– Open banking check
– Photo ID
– Address confirmation
What Happens if the Tenant Doesn’t Pay the Rent
All reasonable precautions must be taken before agreeing to act as a guarantor. If the tenant fails to pay the rent or defaults on the agreement to create a financial liability you may end up with a default which can appear on your credit file for six years or more.