UK Landlord Forum / Life

Just thought that I would throw this out there to see what people think.
I have had a tenant give me the guarantor form back but the guarantor is a retired person.

Is this ok as a landlord to accept a retired person or would it be easier to have someone that is earning a bigger income or is an employed person???

Thanks

Guarantor forms have to be signed and witnessed in a specific way, are you sure it has been completed correctly?  I've never used a guarantor personally.

To be honest I haven't either but it was a case of another safety net for me if you like.

If the tenant does do silly things then its another avenue to hopefully pursue.

So if both tenant and guarantor sign the document is this still a legal document that can be used???

I'd say no.  Is the signature on the piece of paper that of the guarentor?  As I say, I know little but I think that there is a specific way of completing it.

I would like to witness the Guarantor signing the Guarantor Agreement. The Guarantor must be able to review the AST that is forming the agreement between you and the Tenant. The Guarantor must be made aware of their obligations; especially regarding time / duration. No issue with them being retired as opposed to them working, as the Guarantor must have some kind of asset to use as the guarantee, otherwise it'd be pointless... likely property.

From what you describe... you've had no contact with the Guarantor, just handed a form to the Tenant who's handed it back to you with some details on it. Can you be 100% sure this person is real (as well as all the other stuff)?

I have had a few tenants on borderline low incomes,backed by guarantors.In all cases the agents ran the usual credit checks on the latter.I would not accept the unwitnessed signature you were given.I would agree with Hippogriff that being on a pension is no barrier,if anything it is a more reliable income than a salary.I have never accepted a tenant requiring a guarantor if other applicants have applied to rent.Happily not a situation that arises in the current climate in the West Midlands.

Thanks for your comments guys.
So really it should be witnessed by myself when all is signing???

I am sure that this man is true.
There hasn't been any estate agents involved but I did do a ref check on the tenant.

Could I not just phone the guarantor up and have a chat to him about it all??
Ask him if he is fully aware of what this means if the tenant doesn't pay the rent?

Yes.

When, in Court, you say you had a chat with him and he understood his obligations, and he says - "that conversation never happened, I just thought I'd be liable for a maximum of 1 month of rent time-bounded for 6 months, not this 6 months of rent and £10,000 worth of damage"... I guess you can see how it might go.

Yeah that's what I thought.. how about an email at least that way its in writing.

Have you credit checked the guarantor aswell?  Not a good prospect if they are a 5 X bankrupt or similar.

No the guarantor didn't get checked it was only the tenant that got checked.

And his income wasn't verified either I'm guessing?  Doesn't sound great Paula.

If I'm correct in my recollection that you've just ended another 'interesting' tenancy... I would hope you are being extra careful this time around?

If you are talking Guarantor situation... then they're obviously not a prime Tenant in the first place (working, well-paid job, no significant debts or CCJs). If you're not vetting the Guarantor as well as the Tenant then you're leaving yourself open. If you're not getting the Guarantor agreement completed correctly then you run the risk of it not even being valid.

Now, of course, it could all go swimmingly... but are you that confident in Human nature after your last experience?

Lightning doesn't strike twice.

But... it does.

All our guarantors sign the AST Along with the tenants. They are in effect jointly and individually liable as co signers of the tenancy document.

We make sure the guarantor also pass a referencing credit check .

We use Openrent for all our properties. For £40 they do all the reference checks and contract signing. A stinking system and great price. Simply not worth not using them. They have been amazing. Can't recommend them enough.

Regards

Sorry that should read

"A stonking system" not stinking 
https://www.openrent.co.uk

Again BUGSY thanks again for your update. I have used openrent aswell but not for the other parts. Just for advertising.
Has anyone used there gas safety certificate service??