We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
PLEASE READ BEFORE POSTING: Hello Forumites! In order to help keep the Forum a useful, safe and friendly place for our users, discussions around non-MoneySaving matters are not permitted per the Forum rules. While we understand that mentioning house prices may sometimes be relevant to a user's specific MoneySaving situation, we ask that you please avoid veering into broad, general debates about the market, the economy and politics, as these can unfortunately lead to abusive or hateful behaviour. Threads that are found to have derailed into wider discussions may be removed. Users who repeatedly disregard this may have their Forum account banned. Please also avoid posting personally identifiable information, including links to your own online property listing which may reveal your address. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
Guarantor Information....
wiganrl
Posts: 32 Forumite
Guarantor how much information should be ask asked by a letting agent? Do they need to know how much a guarantor earns ie gross annual income, amount of addition income, provide details of additional income, National insurance number,All work details,Next of kins, accountant details, pension providers details, previous address. Over 4 pages to fill in.....
0
Comments
-
How else is a guarantor going to be assessed for suitability?0
-
It used to be only name address and telephone number and do you own your own property.0
-
A landlord can ask anything they want to satisfy themselves the guarantor is a good risk financially (since the tenant clearly isn't).
Whether the potential guarantor agrees to provide the information requested is up to them.
If they don't provide the info, then it is up to the LL to decide whether to accept them.0 -
It is probably as important, if not more so, to fully vet and credit check a guarantor. If the tenant's credit worthiness has thrown up enough doubt to insist on a guarantor to cover the tenancy, then you must prove the guarantor has sufficient income and/or assets, to provide that financial backing to the tenant.
Anyone can "offer" to be a guarantor, but whether the will fit the criteria is a total different matter.
Guarantor agreement must also be drawn up as a witnessed deed if it is to be legally binding and replied upon if the worst happens!
Just out of interest, are you asking as a LL, tenant or possible guarantor?0 -
Hmmmmm......
Guarantor agreement must also be drawn up as a witnessed deed if it is to be legally binding and replied upon if the worst happens!
But see this thread here...0 -
I personally wouldn't take the risk of a defaulting tenant having a guarantor who could wriggle out of their responsibility for the sake of not getting a "belt and braces" deed, but I take your point!0 -
Oh I agree. But as you said, it is unclear what the OP's motive for asking is. I suspect they are a tenant, or prospective guatantor, not a Landlord.0
-
OP has previously posted about (a) trying to sell their property which has been on the market for over a year and (b) losing job, so more likely to be asking as apotential T0
-
I have asked variously (solicitor, barrister, forums..) if this "It ain't a deed so it's not enforceable" assertion has ever been tested in the courts (I'd hunted & failed to find a case.)
Anyone know of any courtly precedent?? I'm not...0 -
Not sure I follow the logic...OP has previously posted about (a) trying to sell their property which has been on the market for over a year and (b) losing job, so more likely to be asking as apotential T
OP has a property, and can't sell.
OP loses job and can't afford mortgage.
OP moves in with family and becomes accidental LL in order to pay mortgage.....0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 352.1K Banking & Borrowing
- 253.6K Reduce Debt & Boost Income
- 454.3K Spending & Discounts
- 245.2K Work, Benefits & Business
- 600.9K Mortgages, Homes & Bills
- 177.5K Life & Family
- 259K Travel & Transport
- 1.5M Hobbies & Leisure
- 16K Discuss & Feedback
- 37.7K Read-Only Boards