November 11, 2022 | Mariel Roe
If your tenant doesn’t pass their financial or credit check, or you’re concerned about their ability to pay the rent and bills, you may ask them to provide a guarantor.
Our short guide for landlords will give you valuable insights into some of the questions you should ask a guarantor who has put themselves forward for a tenant.
A guarantor should be someone that owns and lives in their own property in the UK.
If they live abroad, chasing payments can sometimes be tricky. If they don’t own a property in the UK, it can also be challenging to understand their financial situation, credit score, and overall affordability.
This is a great question to ask so that you can understand how familiar the person is with being a guarantor. If they haven’t had this experience, it doesn’t mean you shouldn’t go ahead. But it does mean you will need to explain the process in more detail to confirm they fully understand the agreement.
If they have been a guarantor before, ask for more details. Find out who it was for and if they ever needed to make any payments for the tenant.
If the guarantor is happy to be responsible for joint tenants, that means they’ll be liable to pay if any or all the other tenants don’t pay.
However, some guarantors may only wish to be responsible for one tenant, so make sure this is clarified and understood.
Essentially, you want to ensure the guarantor has read the agreement and fully understands when they may be liable for payment. While a tenant may have asked the guarantor this question, you’ll want to do your due diligence too, to ensure they are prepared for the commitment.
Usually, you’ll only need to ask the guarantor for payment if the tenant doesn’t pay rent or utilities, or damages the property in a significant way. So, be specific about the circumstances and potential costs to ensure they fully understand their responsibilities.
You’ll need to agree on how long the guarantor agreement will last. If the tenancy agreement is fixed-term, the guarantor can specify whether it will only last for that fixed term – or beyond if it renews or becomes a rolling tenancy.
At Properly, we are your property experts. If you need an expert letting agent or property management services to help market your property and complete tenant referencing checks, our friendly team can help.
Call us today on 0207 459 4400 or browse our letting agent services at https://www.properly.space/.
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I was so pleased to be introduced to Properly. Mariel and Michael provide an excellent service that took the stress and hassle out of finding a tenant. They were a pleasure to deal with, efficient and fast. A marked difference from the hidden costs and poor communication often encountered from other high street estate agents. I would thoroughly recommend and happily use again!
Mariel helped me sell my apartment in West London. She was always there when I needed her. Her advice was invaluable and made everything a whole lot easier. I can’t recommend her highly enough.
Amazing people, responsive, honest, friendly and professional. Cannot fault them and the type of company, you will go back to again and again.
We had the opportunity to interact with Michael of Properly in our search for a new rental flat. Michael was professional and courteous in our dealings with him. He was a pleasure to interact with and he frankly stood out amongst all the agents we interacted with over a search of several weeks.
The service is outstanding. Mariel could not be more helpful and professional. Every individual I engaged with, was well informed and had the full history of conversations. First class service.
Had Michael round for a valuation of our flat – very knowledgeable and friendly and wasn’t pushy at all. When it comes time to sell we’ll definitely be giving Properly a call!
We did not feel rushed at all which was great as it really allowed us to really take the property in. We did put down an offer and Properly did a great job in securing a good outcome for both the sellers and ourselves.If you are looking for an agency that will do more than just open the door then look no further.
I was very impressed with the service I received. Communication throughout was very good. I have dealt with many agents, but the clear, concise and personable approach I received made Properly stand out. I wouldn’t hesitate to use them again.