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In This Guide

Choosing an area

Getting in

   1. Overview of the the process

   2. Holding deposits

   3. References

   4. Guarantors

   5. The bond

   6. Bond scams

   7. The inventory

   8. An example inventory

Leaving

Lettings agents

Living

Looking for property

Renting introduction

Tenancy agreements

Viewing property

Country Guides

All Countries:

Getting in

Guarantors

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If you haven't been living at the same address for more than 6 months, working in same company for more than 6 months, if you are a student or in a job with low earnings, you will more than likely need a guarantor to be able to privately rent accommodation.

Where a guarantor has entered into an agreement, this means that in the event of a tenant being unable to meet their obligations under the tenancy agreement, whether it is for overdue rent, damage to the property or whatever, the Guarantor is legally bound to accept the liabilities on behalf of the tenant.

Use of a Guarantor is like an insurance policy for the landlord or lettings agent against the tenant defaulting on the rent. Like with most types of insurance, the number of claims against guarantors has risen in recent years, so the requirements for being a guarantor are getting somewhat tougher. Nowadays, a guarantor must usually be a homeowner that does not fail a credit inquiry and is therefore probably in regular employment. A person would not provide much of a guarantee if they were themselves unable to make a payment should the circumstances require it.

Bear in mind that if you are entering into a joint tenancy where the tenants are individually and severally responsible, the guarantor is, in effect guaranteeing not just the tenant they specifically have association with, but any of the other tenants as well. They may not be aware of this and may not be so willing to act as guarantor if they know.

A guarantor's application form normally has two aspects to it:

The first part is almost identical to the tenancy application or references that will be checked on the tenant and requires information on the following:

  • The property being rented out
  • Guarantor's personal details
  • Residency information
  • CCJ's
  • Employment history
  • Accountants, solicitors, character referee
  • Declaration accepting credit search etc & signature

The second part is the guarantor's agreement with the landlord. This states:

  • The date of the agreement
  • The signatures and names of the parties that are making the agreement
  • The property concerned
  • The names of the tenant(s)

And finally what exactly the guarantor is agreeing to:

  • If the tenant defaults in the payment of rent laid down as per the tenancy agreement, the guarantor will pay the landlord.
  • If the tenant does not observe his/her obligations as set out in the agreement, the guarantor will pay all losses, damages, expenses and costs that are incurred as a result of the tenant's default.

There is then a space for Guarantor & landlord signatures.

Again, if your Guarantor does not pass the inquiry, it does not mean that this will be the case with every agency that you try. Different companies have different requirements and it can be worth checking elsewhere before you give up hope altogether.

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