Tenants failed referencing

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    Tenants failed referencing

    Hi everyone, my both tenant failed referencing one with affordability another current ccj but they have provided guarantor who is happy to be guarantor for rents but not damages. I need some advice on this please, could you share your experiences on this. Thanks

    #2
    Are you struggling to find tenants? In an area of low demand?
    If it was me, keep on looking...

    Comment


      #3
      Originally posted by every1 View Post
      Hi everyone, my both tenant failed referencing one with affordability another current ccj but they have provided guarantor who is happy to be guarantor for rents but not damages. I need some advice on this please, could you share your experiences on this. Thanks
      A guarantor is potentially a default risk, especially if they are known to the tenant (or even related to him) and share the same values. My approach would be to find a candidate that doesn't need a guarantor. A guarantor helps the agency secure a letting fee but is potentially useless to the LL. Rule 1: get the best quality tenant you can find, even if it takes longer, because a dodgy tenant will leave marks on your back.

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        #4
        Thanks for your replies, I didn’t go through high street agent it’s with open rent, guarantor is their family member, I though guarantor will be legally responsible for any rent arrears or damages, now it seems like it’s no use to landlord??

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          #5
          Reject the Ts. G must cover all Ts debts, inc T damage.

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            #6
            The guarantor would have to guarantee all of the tenant's liabilities.
            If the guarantor, who is a family member after all and probably knows the tenant well, doesn't want to be liable for damage, that says a lot to me about how likely damage is.

            Guarantors aren't useless, but their main value is as a lever to get the tenants to sort themselves out rather than involve the guarantor in their issues.
            They don't really "guarantee" anything.
            When I post, I am expressing an opinion - feel free to disagree, I have been wrong before.
            Please don't act on my suggestions without checking with a grown-up (ideally some kind of expert).

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              #7
              Originally posted by jpkeates View Post
              The guarantor would have to guarantee all of the tenant's liabilities.
              If the guarantor, who is a family member after all and probably knows the tenant well, doesn't want to be liable for damage, that says a lot to me about how likely damage is.

              Guarantors aren't useless, but their main value is as a lever to get the tenants to sort themselves out rather than involve the guarantor in their issues.
              They don't really "guarantee" anything.
              Very true, jpk. I have a Guarantor denying liability for anything at present. Avoid, move on, don't get involved.

              Comment


                #8
                Originally posted by every1 View Post
                Thanks for your replies, I didn’t go through high street agent it’s with open rent, guarantor is their family member, I though guarantor will be legally responsible for any rent arrears or damages, now it seems like it’s no use to landlord??
                They may be legally responsible, but try enforcing it and then collecting. No use whatsoever...

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                  #9
                  Only ever select tenants who are perfect.

                  If you are in a different sector of the market that permits imperfection then you are in the same risk sector as drug dealers and pimps (professions that suit some people but possibly not you).

                  Comment


                    #10
                    Don't take on these tenants, in the current rental environment a less than perfect tenant will cost you dearly.
                    Any advice I give is my opinion and experience, I am as you also learning.

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