SMF - Just Installed!

Deed of Guarantee

Started by nikkiison, February 16, 2016, 06:01:37 PM

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nikkiison

Please can somebody advise me as I'm a new Landlord!
I am having credit checks carried out with the NLA for both the Tenant and Guarantor.
If I use a Deed of Guarantee what is the difference between that and the Guarantor Form.
I know I have to give a copy of the Tenancy Agreement to the Guarantor and have no idea who or where to obtain a copy of a Deed of Guarantee.
I have found on here a Tenancy Guarantor Form which I can purchase for £3.99 but thought that was a different document to the Deed of Guarantee.
Advice please!
Thank you

theangrylandlord

Be wary of advice from a forum
Do your own research

I don't know exactly what a Guarantor Form is  (I suspect a rather broad definition open to interpretation), however the only strictly legal way of doing this is to have a Deed of Guarantee drawn up.
The issue is that under Contract Law whether or not consideration (legal term for something given) has been provided.  If not then no agreement has been made and you will not be able to enforce this in the courts.

A Deed is not an Agreeemnt it is a solemn oath recognised and enforced by the courts even if no consideration has been given by the parties to the Deed.

There are specific requirements for the election of a Deed.

If you don't know all this then I suggest a solicitor.

Best  of luck