Advice Needed On Guarantor's

Jonj1611

Hi,

I am looking at a house next week through an agency, my parents have said they will be guarantors. Unfortunately though they live about 200 miles from me.

I have seen the tenant/guarantor form and it has a space for the guarantors signature. Obviously they need to sign the form to do credit checks etc but how will this work for me? My parents won't be able to travel 200 miles on the chance I may want this house.

Does anyone know the procedure if guarantors don't live near you, is it worth me even looking at houses if the guarantor can't be present. I wondered if they would send the form off, but again I am worried that if the agent feels that it is going to take up too much time sending forms off they might just ask it to the next prospective tenants.

I appreciate that probably all agencies are different but I am keen to hear from anyone where the guarantor has not been present.

Additionally once I have paid the reference fees, is the property 'held' for me until the reference checks come back or could someone still get it before me?

Thanks for taking the time to read this.

Regards
Jon

Radiantsoul

Jonj1611 wrote: »

Hi,

I am looking at a house next week through an agency, my parents have said they will be guarantors. Unfortunately though they live about 200 miles from me.

I have seen the tenant/guarantor form and it has a space for the guarantors signature. Obviously they need to sign the form to do credit checks etc but how will this work for me? My parents won't be able to travel 200 miles on the chance I may want this house.

Does anyone know the procedure if guarantors don't live near you, is it worth me even looking at houses if the guarantor can't be present. I wondered if they would send the form off, but again I am worried that if the agent feels that it is going to take up too much time sending forms off they might just ask it to the next prospective tenants.

I appreciate that probably all agencies are different but I am keen to hear from anyone where the guarantor has not been present.

Additionally once I have paid the reference fees, is the property 'held' for me until the reference checks come back or could someone still get it before me?

Thanks for taking the time to read this.

Regards
Jon

I would ask if the agents continue to market the property whilst the references are checked. I would assume not if they take your cash but check.

As to the guarantor I am sure it is not an unusual situation.

BitterAndTwisted

Ask the Letting Agent but please bear in mind that in some areas there is a huge over-supply of properties and it is therefore a buyer's market so you'd be entitled to be picky ad can go to another Letting Agent if you so choose. They are the ones who should be smoothing the way for you as you are the one spending money with them.

Generally, the agents will ask you for a holding-deposit so the property has been secured for you pending credit-checks but not all agents behave in what one could call a conventionally business-like way.

Jonj1611

Thanks Radiantsoul & BitterAndTwisted.

Yeah, I am sure its something they deal with all the time, I am probably just panicking, but I had a viewing last week and was told an hour before I supposed to view it, that it had been let. I am just trying to cover all the bases and make sure things run smoothly.

I was wondering about the holding deposit, if myself or my parents failed the checks, would they keep the deposit?

I tried contacting the agency today and they are closed, trying to get some peace of mind over the weekend lol

Jon

PasturesNew

I had no guarantor available ... and to find one (even if they agreed) would have taken 2-3-4 weeks to get the paperwork to them etc. Instead, I offered 6 months' rent up front, they accepted.

Guarantors being needed is an annoyance because not everybody has them available. In fact, the whole process of being allowed to rent is a pain in the 4ss.

BitterAndTwisted

Have you had a look on the internet at rental properties in the area you are considering renting? This should give you a fair idea of what rents are and the availability.

I think, but I'm not certain that should you give the agents a holding deposit and you fail the credit-checks that you shall lose your deposit.

Never forget that agents aren't necessarily guaranteed to be as scrupulously honest and staightforward as a normal person and some can and do try anything their get their hands on other people's money and keep it.

Jonj1611

Indeed, thats my main fear, I dont have loads of money to spend as it is.

As I said I am more concerned about the guarantor not being there, I am sure they must have systems in place for things like that, but I really need to move soon as this place looks ideal.

I found the house on the internet, its really nice and 99% sure I want it, just want to check it out personally.

This is the first agency I have used and never had to have a guarantor before but times change and this time I do, just don't want to pay the money and found out I didn't get it not because of the credit checks but because someone else turned up and had everything ready to go.

Jon

silvercar

Why can't the agent fax or email the form to the guarantor?

BitterAndTwisted

No reason whatsoever but the OP hasn't actually asked the agent if they can and will

G_M

never heard of Royal Mail? OK it will delay things a bit, but your parents can sign the forms and post them back. What's the problem?

Jonj1611

Thanks for the replies, I haven't actually spoken to the agency yet but I will ask them that question.

I know a lot of what I have asked should be asked to the estate agents in question, but as I said its the weekend, they are shut and I really think this property could be the one for me. I just didn't know if many people had much experience of guarantors that are not present when the forms needed to be signed and would obstacles they had and how they overcome them.

Basically I just don't want this one to fall through my hands like the last one

Edit : Thanks for the reply G_M, yes obviously by post would be an option, but that would also increase the time from paying my money to the time they get the forms back and actually start any checks, my fear was that in that time someone else could view the property and as I said take it before I even got the forms back. If thats the only way it could be done then so be it.

Jon