Why does there have to be a gaurantor

rafhelp

I saw a property and I liked it,

To rent it out due to low income I needed to have a gaurantor who earned X amount of money.

But I offered to pay the enritre contracts rent value upfront in return for not having a gaunrantor, they still said no.

The whole purpose of the gaurantor is to pay the rent in a situation where the tenant was not able to pay the rent. So then if you offer to pay the entire rent upfront there is no logical requriement for the gaurantor or is there?

The thing is I cant find a gaurantor, i dont want to ask certain obvious people due to personal circumstances and friends have said no.

All I need from the gaurantor is a signature, they wouldnt have to worry about paying anything.

G_M

So it is a 6 month contract? Perhaps 12 months?

What happens if after the 6 months you stay there on a Periodic Tenancy, but get into difficulty with the rent?

Many landlords dislike taking 6 (or 12?) months rent in advance. This is typically what cannabis farmers, prostitutes offer to do (in order to minimise landlord interference) - not saying this is you of course, but LLs are suspicious....

Being someone's guarantor is a significant undertaking. You (tenant) could stay there for years paying no rent, and the LL would claim that rent month after month, year after year, from the guarantor.

The guarantor can also be made to pay for any damage you cause, as well as rent.

rafhelp

G_M wrote: »

So it is a 6 month contract? Perhaps 12 months?

What happens if after the 6 months you stay there on a Periodic Tenancy, but get into difficulty with the rent?

Many landlords dislike taking 6 (or 12?) months rent in advance. This is typically what cannabis farmers, prostitutes offer to do (in order to minimise landlord interference) - not saying this is you of course, but LLs are suspicious....

Being someone's guarantor is a significant undertaking. You (tenant) could stay there for years paying no rent, and the LL would claim that rent month after month, year after year, from the guarantor.

The guarantor can also be made to pay for any damage you cause, as well as rent.

I thought the damage cost is covered by the Bond you pay before you move in. Surely you would know if someone was a pimp, prostitute or farmer? What if you gave them professional references?

G_M

Rent = £500 pm
Deposit (bond) = £750
Damage caused by tenant = £2000

Who pays the difference between deposit and damage totals.....?

But yes, you're right now I come to think of it. My tenancy application form has a question: "Occupation?"

So if they wrote 'prostitute' I would indeed know they were a prostitute.....

rafhelp

If you did £2000 worth of damage you woudl probably have more thing to worry about then just paying rent

knowing some landlords im sure they would be quite happy to rent out to prostitutes, if they dont pay rent they can make up in other ways.

G_M

No need to have a go at LLs!

You asked for an explanation of why they request guarantors and why some LL choose not to take advance rent.

I gave you some reasons. There are others.

But the bottom line is that if that is the LL's requirement, based on the tenant criteria, there is little you can do except comply, or look for another property, another landlord.

I am not saying ALL landlords thinks/act/decide like this.

Benji

G_M wrote: »

What happens if after the 6 months you stay there on a Periodic Tenancy, but get into difficulty with the rent?

I think rafhelp missed this - how can he/she say they are paying all the rent up front when they don't know how long the 'tenancy' will last?

#Rafhelp - if no one who knows you will take the risk of guaranteeing to the landlord that you will pay everything you owe, what makes you think that a landlord - who doesn't know you - would take the risk.

jimjames

rafhelp wrote: »

I thought the damage cost is covered by the Bond you pay before you move in. Surely you would know if someone was a pimp, prostitute or farmer? What if you gave them professional references?

Unfortunately people don't have their occupations tattooed on their heads. I'm not sure there is a way to tell if someone is one of those people. You could even get the person viewing being sent as a front for those actually wanting to use the property.

We had someone offer to pay the whole rent up front and unfortunately it did give off negative vibes.

Hillbilly1

Lot of these people pay someone to front up for the viewings and sign the paperwork, and then the "real" purpose for the property is put into action.

You may well be genuine, but your situation may put some people off.

It sounds like you are in a tough situation. No way of upping your income for a few months to get through the credit check?

rafhelp

G_M wrote: »

No need to have a go at LLs!

You asked for an explanation of why they request guarantors and why some LL choose not to take advance rent.

I gave you some reasons. There are others.

But the bottom line is that if that is the LL's requirement, based on the tenant criteria, there is little you can do except comply, or look for another property, another landlord.

I am not saying ALL landlords thinks/act/decide like this.

I wasnt being serious, but im not totally wrong either.


At the end of the day every landlord is going to be different..