Guarantor help...

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    Guarantor help...

    Sadly my lovely current tenants have given me two months notice to leave. One option they have given me is for the brother of this couple to move in on a new AST in his own right. As this man (unknown to me) does not have a credit history my current tenant has said that he would be a guarantor for his brother. I dont know more than this at moment.
    It would be a nice fix for me of course (& with no agent fees) and naturally I would meet him and obtain as many details from this tenant as possible and take a risk assessment after meeting him and 8 year old son.
    I would plan to use my current AST but would ask what terms would I need to add in (and where) to this same document to have the Guarantor element included properly.
    Any other pitfalls to consider? Help appreciated.
    thanks
    Chas

    p.s have never had a Guarantor before and current tenant checks were done when they moved in and were A1 people (so far).

    #2
    You need a professional to help you. It would take too long to give you the information on this forum.
    The advice I give should not be construed as a definitive answer, and is without prejudice or liability. You are advised to consult a specialist solicitor or other person of equal legal standing.

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      #3
      Tbh, I agree with Paul_f, however, this document may help: http://www.letmerlin.co.uk/_forms/11...-Unlimited.pdf

      Comment


        #4
        Please be very careful. We only use guarantors who are UK homeowners as this provides additional security for the landlord. A guarantor who has no assets will be very risky indeed. I would suggest that you use an agent to protect you from being involved + to allow all correct referencing procedures & checks to be carried out.

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          #5
          Thanks for the advice people, all good. Thought it may be the case. Its a bit of an area I didnt really want to go into and may avoid now...
          C

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