Guarantor for Tenancy

[Claymore]

Hi

Could someone explain to me how a guarantor for a tenancy works?

Can anyone recommend going down this route?

I've had my property advertised and have had lots of calls but the majority were from tenants in receipt of DSS/HB and some have said they have a working guarantor (and homeowner) as well as cash deposit and months rent in advance.

Many thanks.

[Snorkerz]

A guarantor signs a legal document that promises that the tenant will pay everything they are meant to. By itself that promise is worthless, so the guarantor promises that they will pay if the tenant doesn't.

It is important that the paperwork is legally watertight (and best if executed as a deed) so it is probably worthwhile getting a solicitor to create it for you.

[mariner]

The G should be checked more closely than T ie work refs and Land register for ownership of property. Often your only recourse to obtain T debt from G is by placing a charge on Gs property, to be paid if/when property is sold.
Also G should be offered a copy of Ts AST a few days before signing a Deed of Guarantee. eg send Deed & AST to G for signing and returning prior to T signing the TA

[Claymore]

The G should be checked more closely than T ie work refs and Land register for ownership of property. Often your only recourse to obtain T debt from G is by placing a charge on Gs property, to be paid if/when property is sold.
Also G should be offered a copy of Ts AST a few days before signing a Deed of Guarantee. eg send Deed & AST to G for signing and returning prior to T signing the TA

Thanks for this. If I do end up going down the guarantor route, I will make sure I follow the advice given by yourself and snorkerz.