We have a thorough tenant screening process in place to find reliable and trustworthy tenants for your property. Our goal is to provide peace of mind to landlords by ensuring that their property is in good hands. This includes a guarantor for each tenant, and standard deposit scheme.
A Guarantor Agreement acts as a legal piece of insurance to protect the landlord against rental loss, damages and any legal fees that can be incurred by the tenant. It is not a substitute for an Assured Shorthold Tenancy Agreement with the tenant, it should always be a supplement to it.
including:
· The individuals identity
· The property to be let
· The Guarantors personal details
· Redundancy information
· Legal history and any CCJs
· Employment history
· Accountants, solicitors, character referee
· Bank and trade references for businesses
· Declaration allowing credit search and signature
The Guarantor agreement with the landlord/management should include:
- The date of the agreement
- The term to which it applies, when and how the obligation ends
- The signatures and names of the parties to the agreement
- The property
- The names of the tenant/s
- Exactly what the Guarantor is agreeing to:
Eg If the tenant defaults in the payment of rent laid down as per the tenancy agreement, the guarantor will pay the landlord.
If the tenant does not observe his/her obligations as set out in the agreement, the Guarantor will pay all losses, damages, expenses and costs that are incurred as a result of the tenant default
- Signatures – Guarantor and landlord, possibly witness of Guarantor
It will be signed before the tenancy agreement is signed. It is also unwise to allow the tenant to take the Guarantor agreement away for them to sign as it has been know for tenants to forge Guarantors signature. If they don’t sign in front of you, make sure that the signature is witnessed by someone you can trust, who can vouch for their identity.
The wording of the agreement is crucial. It is a legal contract and will be strictly enforced by the courts according to how it is worded.