Just credit-check proposed Guarantor, or anything more?

[fingers]

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?

[jeffrey]

Use a formal Deed of Guarantee. Nothing less will do, if you want to maximise the protection given to you as L.

[fingers]

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

[jeffrey]

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.

[fingers]

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?

[fingers]

Has anybody got any advice on this?

[fingers]

nobody?
I appreciate all help

[jeffrey]

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.

[P.Pilcher]

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.