Guarantor & tenant checks

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    Guarantor & tenant checks

    Hi all

    I have some new tenants lined up to move in on a 6 month ast.

    The 2 tenants are students one of whom also works, the mother has agreed to be a guarantor.

    I have sent off a Guarantor form to be signed & am currently running a gold check at.

    http://www.credit-check-services.co.uk/services.asp

    What other checks should I take, it strikes me that I have no idea whether my guarantor is legitimate as I have e-mailed the form to the daughter. She could easily fill the form out with a made up name or without the consent of the guarantor. Maybe a letter to the guarantors address asking for a copy of photo ID ?

    I have asked for landlord ref from the tenants and a work ref from the employed tenant.

    Should I run a credit check against the tenant, do you think it is good practice to run against either or both ?

    Thanks
    Last edited by waxwobbler; 17-08-2009, 17:35 PM. Reason: pop

    #2
    The referencing company I am using reference the guarantor as well as the tenant.

    Also, your 'deed of guarantee' should be witnessed by someone not related to the guarantor.

    Hope that helps

    Comment


      #3
      Originally posted by waxwobbler View Post

      What other checks should I take, it strikes me that I have no idea whether my guarantor is legitimate as I have e-mailed the form to the daughter. She could easily fill the form out with a made up name or without the consent of the guarantor. Maybe a letter to the guarantors address asking for a copy of photo ID ?
      I ask for proof of ID for G, photo ID (passport/driving licence etc.) and proof of residence (phone bill/utility/council tax billetc.). If the G is a home owner, the better.

      Originally posted by waxwobbler View Post
      Should I run a credit check against the tenant, do you think it is good practice to run against either or both ?
      Do the check for both G and T (not the liquid kind....).

      Comment


        #4
        Thanks for the advice, I gathered photo ID & previous bills for all then credit checked the guarantor.

        Comment


          #5
          "Guarantee form"???

          This needs to be worded very carefully, fulfilling a number of formalities.

          When drafting the guarantee, take legal advice, it may impact significantly the efficacy of the guarantee,

          Comment


            #6
            Originally posted by dominic View Post
            "Guarantee form"???

            This needs to be worded very carefully, fulfilling a number of formalities.

            When drafting the guarantee, take legal advice, it may impact significantly the efficacy of the guarantee,
            I agree, although it sounds as if OP has already sent the 'form' off to be signed.

            Perhaps it is just the application form to be a guarantor and the deed of guarantee will be drawn up once the guarantor has been approved?
            'Pause you who read this, and think for a moment of the long chain of iron or gold, of thorns or flowers, that would never have bound you, but for the formation fo the first link on one memorable day'. Charles Dickens, Great Expectations

            Comment

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