Just credit-check proposed Guarantor, or anything more?

Collapse
X
 
  • Filter
  • Time
  • Show
Clear All
new posts

    Just credit-check proposed Guarantor, or anything more?

    Hi,

    I usually find tenants through an agent and leave the tenancy agreement and gaurantor to them as part of the tenant finders fee.

    I am fortunate at the moment that I have a few people who wish to become my next tenants once the property becomes available in July,

    This initially appears to be that I could save on using the tenant finders fee.

    I have no problem replicating the tenancy agreement I have had for previous tenants, however the tenants will require gaurantors.

    Doing a bit of research, I could use a credit check agency with the acceptance of the gaurantors.

    Would this be standard and sufficient?
    Draft out the tenancy agreement?
    Get the gaurantors credit checked (with their permission)?

    Is there something else I should be considering?

    #2
    Use a formal Deed of Guarantee. Nothing less will do, if you want to maximise the protection given to you as L.
    JEFFREY SHAW, solicitor [and Topic Expert], Nether Edge Law*
    1. Public advice is believed accurate, but I accept no legal responsibility except to direct-paying private clients.
    2. Telephone advice: see http://www.landlordzone.co.uk/forums/showthread.php?t=34638.
    3. For paid advice about conveyancing/leaseholds/L&T, contact me* and become a private client.
    4. *- Contact info: click on my name (blue-highlight link).

    Comment


      #3
      Thanks.
      Is that only valid in England and Wales? What about Scotland?

      Comment


        #4
        Originally posted by fingers View Post
        What about Scotland?
        No idea; you did not tell us that you were posting about Scottish law! Most LZ members answer only about law of E&W.
        JEFFREY SHAW, solicitor [and Topic Expert], Nether Edge Law*
        1. Public advice is believed accurate, but I accept no legal responsibility except to direct-paying private clients.
        2. Telephone advice: see http://www.landlordzone.co.uk/forums/showthread.php?t=34638.
        3. For paid advice about conveyancing/leaseholds/L&T, contact me* and become a private client.
        4. *- Contact info: click on my name (blue-highlight link).

        Comment


          #5
          Originally posted by jeffrey View Post
          No idea; you did not tell us that you were posting about Scottish law! Most LZ members answer only about law of E&W.

          Okay, but now that I have clarified the property is in Scotland.
          Can anyone provide advice to my original post?

          Comment


            #6
            Has anybody got any advice on this?

            Comment


              #7
              nobody?
              I appreciate all help

              Comment


                #8
                Originally posted by fingers View Post
                nobody?
                I appreciate all help
                But, as I mentioned, very very few LZ members can assist with Scottish law- so I'd be surprised if anyone does reply at all.
                JEFFREY SHAW, solicitor [and Topic Expert], Nether Edge Law*
                1. Public advice is believed accurate, but I accept no legal responsibility except to direct-paying private clients.
                2. Telephone advice: see http://www.landlordzone.co.uk/forums/showthread.php?t=34638.
                3. For paid advice about conveyancing/leaseholds/L&T, contact me* and become a private client.
                4. *- Contact info: click on my name (blue-highlight link).

                Comment


                  #9
                  Be warned: I frequently receive telephone calls from potential new tenants when one of my tenants decides to move on. These people wish to "cut out the agent" and therefore will not have to pay their referencing fee which my agent would charge them. I ALWAYS use agents as, in my opinion, such an organisation will discourage the sort of tenants that I wish not to have by their very high street presence and professional attitude. Such potential tenants who contact me are referred to my agents, who never seem to hear from them. I wonder why? Although the services of such an agent will cost me an arm and a leg, it is a lot less than the amount that I will be out of pocket if such a tenant stops paying their rent and I have to evict - which as we all know, takes ages. I am pretty sure that these general principles will apply in Scotland as well.

                  P.P.
                  Any information given in this post is based on my personal experience as a landlord, what I have learned from this and other boards and elsewhere. It is not to be relied on. Definitive advice is only available from a Solicitor or other appropriately qualified person.

                  Comment

                  Latest Activity

                  Collapse

                  Working...
                  X