I have good tenants who signed up through openrent and had a guarantor originally set up 3 years ago when the contract was signed. I am now looking to increase the rent, which the tenants have agreed to but they don’t wish to bother the guarantor to have to approve the increase. I am actually okay with removing the guarantor now as I’ve known them for three years, so would accept that extra risk. I understand it’s a bit embarrassing to have someone permanently liable for you getting rent increase requests after years of being a paying tenant.
I’m just trying to understand my options, there are a few things I can’t figure out:
- When doing a rent increase through the openrent rent collection service does anyone know exactly how it works with guarantors? Does it notify the guarantor automatically, is the rent increase blocked until the guarantor actually agrees?
- Is the only way to remove the guarantor setting up a new contract? If I do that is it possible to make the contract closer to a rolling contract? (As I don’t think the tenants or I) particularly desire to go back to 6 month or 12 months notice)
Hoping someone else might understand things a bit better!
Many thanks,
Matt.