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Being a Rent guarantor - advice on paperwork please
Tixy
Posts: 31,455 Forumite
Hi
I realise there are a lot of threads on here about being a guarantor and I have done a search through them but I'm hoping for a bit of specific advice.
My friend has agreed to act as a guarantor for their daughter. They are finanically in a position to do so and are aware they could end up liable for rent for the rest of the tenancy term, damage costs etc and are okay with that.
The LA has sent through the 'Guarantee' and a credit check form.
There is no copy of the tenancy agreement, presumably it would be wise to insist on seeing this first so he knows what he is guaranteeing (ie amount of rent, length of tenancy etc)
Regarding the credit check form, although this came from the LA the form is from a credit reference agency (not one of the big '3' CRAs but a rental credit reference agency) - this forms asks for his employer, salary, previous addresses etc, all as you would expect. It also asks for his bank details. The LA have asked for this form to go back to them. I personally don't think its a great idea (bearing in mind the LA just has a PO Box) and think it should go straight to the cr agency.
I know the proposed tenant's accountant's reference went straight to the cr agency.
Would others agree? Am I being paranoid? Just that we don't know anything about the LA and not sure they should have access to his bank details.
Any help appreciated.
I realise there are a lot of threads on here about being a guarantor and I have done a search through them but I'm hoping for a bit of specific advice.
My friend has agreed to act as a guarantor for their daughter. They are finanically in a position to do so and are aware they could end up liable for rent for the rest of the tenancy term, damage costs etc and are okay with that.
The LA has sent through the 'Guarantee' and a credit check form.
There is no copy of the tenancy agreement, presumably it would be wise to insist on seeing this first so he knows what he is guaranteeing (ie amount of rent, length of tenancy etc)
Regarding the credit check form, although this came from the LA the form is from a credit reference agency (not one of the big '3' CRAs but a rental credit reference agency) - this forms asks for his employer, salary, previous addresses etc, all as you would expect. It also asks for his bank details. The LA have asked for this form to go back to them. I personally don't think its a great idea (bearing in mind the LA just has a PO Box) and think it should go straight to the cr agency.
I know the proposed tenant's accountant's reference went straight to the cr agency.
Would others agree? Am I being paranoid? Just that we don't know anything about the LA and not sure they should have access to his bank details.
Any help appreciated.
A smile enriches those who receive without making poorer those who give
or "It costs nowt to be nice"
0
Comments
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Yes.There is no copy of the tenancy agreement, presumably it would be wise to insist on seeing this first so he knows what he is guaranteeing
This is standard practice.It also asks for his bank details. The LA have asked for this form to go back to them. I personally don't think its a great idea
However I would question an agency using a PO box. Are they a big company? Member of ARLA or similar? I doubt it.0 -
Thanks G_M
No they are not a member of ARLA, as far as I can tell they are a small local agency. They do at least have a landline and fax line but other than that just a PO Box.
Cheers for the advice.A smile enriches those who receive without making poorer those who giveor "It costs nowt to be nice"0
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