Soon to be landlord.

silvercar

bee78 wrote: »

thanks for the compliment...i will have a look at gum tree..only heard of it in passing, def have a look at it now. thanks

Be careful with gumtree, although it is another online outlet and so may attract a different audience, it is rife with dodgy deals. Check out any prospective tenants carefully, but particularly those that come from gumtree.

Any chancer is going to choose somewhere like gumtree rather than go into an agency.

bee78

silvercar wrote: »

Be careful with gumtree, although it is another online outlet and so may attract a different audience, it is rife with dodgy deals. Check out any prospective tenants carefully, but particularly those that come from gumtree.

Any chancer is going to choose somewhere like gumtree rather than go into an agency.

I got the feel, but I think I should still have go at it, and if anyone queries I will pass them to my agents for checking. Thanks for the concern anywhere.

tbs624

Gumtree does also have decent applicants following up ads: they are not all potentially dodgy.

kelpie35

tbs624 wrote: »

Gumtree does also have decent applicants following up ads: they are not all potentially dodgy.

I have to agree with you 100%

bee78

tbs624 wrote: »

Gumtree does also have decent applicants following up ads: they are not all potentially dodgy.

Yes, one of my friends at work, said she found her current house in gum tree, and she is very happy there.....I guess it is all down to how well you research your tenants/or landlords before you put your feet in

bee78

Hi

Finally found a tenant,whom I thought was reasonable. We had many viewing in the last 10 days. But this tenant seemed allright, but I did think at that time why he wasn't buying. He is married with two kids.

I asked my agents to go ahead with the checks, and they have now come back. He has been renting for 7 years, and the only reason for the move is his landlord is selling. He has been in the same employment in the for 7 years. Employer ref/ landlord ref came all right, but his credit scoring didn't!!!!!!!

The agent cant say the problem with his credit scoring....but the credit referencing agency has recommended the use of guarantor. I have asked my agent now to process the application for a guarantor.

I am being a bit skeptical, but how does this arrangment work.

Can anyone shed any light. Any landlord used a guarantor before.

Werdnal

I've never used one, but whoever they nominate as a guarantor must be credit checked as well. They must show they have sufficient assets and income to cover their own living expenses, and also back up the tenant should they default on rent/cause damage to your property, so they usually need to be a home owner and high-earner!

If the guarantor passed the checks, the agreement they sign must be drawn up as a formal witnessed deed - make sure your agent knows how to do this correctly, otherwise it may not be enforceable. There have been cases related here (do a forum search on "guarantor") where LL sits back comfortably thinking they are covered should their tenant cause any grief, only to find the paperwork the guarantor signed is not valid to enforce them to pay!

G_M

I agree with werdnal - many agents get the guarantor agreement wrong. Ideally it should be executed as a Deed, and the guarantor's signature should be witnessed by someone independant.

The guarantor must be given a copy of the tenancy agreement so they know what they are guaranteeing.

Get these wrong (as agents often do) and the guarantee agreement may be unenforcible.

However, see also the thread I've started on this topic...

bee78

G_M wrote: »

I agree with werdnal - many agents get the guarantor agreement wrong. Ideally it should be executed as a Deed, and the guarantor's signature should be witnessed by someone independant.

The guarantor must be given a copy of the tenancy agreement so they know what they are guaranteeing.

Get these wrong (as agents often do) and the guarantee agreement may be unenforcible.

However, see also the thread I've started on this topic...

Thank you, your new thread brings out a whole new world for me.

But it is still not clear, wheather I should request a deed or incoprate the guarantor agreement into the tenancy agreement. A deed will probably cost me money.

As I google some of the things, you said above, I found this link. http://www.sassh.co.uk/Downloads/sassh_guarantor_form.pdf

I wonder if this would do. Any thoughts

zzzLazyDaisy

Getting a guarantor agreement wrong will cost you a whole lot more money. The point of a guarantor agreement is that someone else who is not a party to the contract and who is getting no benefit from the contract is agreeing to pay the rent if the tenant fails to pay. All is fine until the tenant fails to pay the rent, and then the guarantor will look for every loop-hole possible to get out of the agreement.

You cannot incorporate the guarantor agreement into the tenancy agreement unless the guarantor is also a tenant (in which case it would be pointless). You have to have a direct contract with the guarantor if you want to be in a position to enforce that contract later, and it needs to be done properly.