I’m about to advertise my vacant property which I manage myself. One thing g I’ve never done, but intend to now is to seek a guarantor for suitable tenants. Can anyone offer advice and/or provide links for the guarantor process ?
Is this a big stumbling block in finding a tenant and enforceable as I’m reading courts not always accepting legitimacy
Guarantor agreements often fail for a number of reasons and it is better for a landlord to find a tenant who doesn’t need one.
Typical problems include:
- poorly drafted agreements that are unenforceable
- agreements that don’t survive past the first rent increase or tenancy renewal
- Guarantors not being given a copy of the tenancy agreement first
- Guarantors not being given time to read everything and consider their decision
- Guarantors not being advised to consult a solicitor.
If you still intend to pursue one, I suggest you join the NRLA and use their guarantor agreement.
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