Contract subject to guarantor

Hi there,
Hope someone can help me here. This is my first time using Open rent and also letting my flat so i am a bit lost.
I have tenants that I would like for my flat, they have gone through referencing and one of them has passed but not the other one. the reason for not passing is that she lived in Spain before but can prove the address there as she only has one document to probe (contract from a previous tenancy in Spain) and they have asked for two.
For me, I don’t see the issue here, she has proved work status, salary, and no CCjs, so I am happy to proceed. They are supposed to move in 4 days and would like to get things moving with contracts and all the rest.
I am waiting to hear from my insurance company if this will be an issue, as I noticed that for Rent Guard will be, but i am not using them… Can I add a clause in the contract saying something that is subject to “guarantor confirmation”

Thank you!
Patricia

  1. It is your choice, based on gut feel, whether to take them on or not, with or without a rent guarantee policy.
  2. The phrase “subject to guarantor confirmation” goes in a cover letter, not the contract/agreement.
  3. Have you go the correct word here: a guarantor is simply someone who promises to pay the rent if the tenants fail to do so. Did you mean “subject to insurer approval” without saying what kind insurer?
  4. Rent guarantee insurance does the job of the guarantor and may or may not cover vacant periods, so both may not be worth having.
  5. A reference check on the guarantor would be advisable, as well as their ability to pay for their own mortgage/rent and that of your tenants. Even if they can pay, the insurance policy is a cheap back-up if they fail to do so because circumstances may change.
  6. If you insist on having a Rent Guarantee Insurance Policy, then you must not have the tenants until the insurer states they are happy with the references. If you let them in, the policy automatically becomes null and void as far as I can recall.
  7. Due to my circumstances and my heart, I have neither for my tenants, no insurance and failed references. While they pay the rent, they have hit difficult times and ruined my house. Hopefully, you will not have any problems. Good luck.
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