What forms do i need to include Guarantors?

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  • What forms do i need to include Guarantors?

    Hi, I am just about to accept new tenants with both lots of parents as guarantors, I cannot find any legal form that includes guarantors. please help.

  • #2
    http://www.lawpack.co.uk/landlord-an...roduct3541.asp

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    • #3
      I take it you have done credit checks on the guarnators too?

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      • #4
        Do you read The Grauniad by any chance?
        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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        • #5
          Thank you Westminster, do you know if I can include both tenants names on each Guarantor agreement. eg both tenants on the agreement for his parents and both tenants on the agreement for her parents. thanks

          It does include the following para but i am not sure if I have to have both names on the agreement for this to work or whether it is a failsafe cover all para.

          8. If the Tenant forms more than one person the Guarantee will not be invalidated if one or more of the original persons forming the Tenant to whom the Tenancy is granted abandon the Premises or surrenders their interest in the Tenancy provided that at least one of the persons forming the Tenant or their licensees remains in possession.

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          • #6
            The Lawpack guarantee will be a standard template and I doubt it will address the issue of a guarantor being liable for only a portion of the rent (if that's what you're asking).

            I haven't seen the template but assuming it asks you to state who 'the tenant' is, then it's both joint tenants as they are, together, 'the tenant'.

            I also haven't seen what instructions come with the Lawpack template, but just in case, be aware that you need to provide a copy of the tenancy contract to a guarantor (keep evidence of having provided it) as they must have the opportunity to read it before agreeing to stand as guarantor.

            Signatures also need to be witnessed, but I expect the instructions tell you that.

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