2 guarantors

KAILEY

Hello,

We have tenants lined up to move into a property in May. On the application form, they are both added their parent as a guarantor. So we have a couple who will have a joint tenancy, but 2 guarantors.

Anyone know how we go about writing this into the deed/tenancy agreement.

Many thanks

da_rule

Do you want both parents to be guarantor? If so you’d just a standard 2 party guarantor agreement. If not, you can pick the one that is most suitable and just do a normal agreement.

G_M

youdon't write anything into the tenancy agreement. It's a staright-forward 'joint and several' tenancy.


Alongside this you have a Deed of Guarantee. Note that it muct be Executed as a Deed, and the Guarantors must have been given copies of the tenany agreement in advance wso they know exactly what they are guaranteeing. Without this, its validity could be challenged.


As it's a Deed, signitures must be independantly witnessed.

csgohan4

Join a landlords association online, they usually have templates and advice on this as well, as Above G_M is spot on as usual

KAILEY

Thanks, I already have a deed of guarantee and tenancy documents ready, I just thought it would be more complicated with 2 guarantors, and it would require additional wording and the like.

One parent is a deli owner and the other a checkout operator.

HampshireH

Are they both suitable options for being a guarentor? Income wise and affordibility?

I dont know what checkout workers are paid these day but unless they have a good amount of savings (which could be spent at any time) most wouldn't earn enough to pay 2 lots of rent or a mortgage/rent combo. Obviously thatd a very basic viewpoint based on them not being outright owners etc.

Also which would you go to 1st for payment? How would you decide betweeen the two or would you pursue both?

Sea_Shell

KAILEY wrote: »

Hello,

We have tenants lined up to move into a property in May. On the application form, they are both added their parent as a guarantor. So we have a couple who will have a joint tenancy, but 2 guarantors.

Anyone know how we go about writing this into the deed/tenancy agreement.

Many thanks

You say they (prospective tenants) have added both their parent as guarantors on their application. Do the parents KNOW they've been put down, and all that that entails? Do the tenants fully understand what they are asking of their parents? How confident are you that either parent will actually sign on the dotted line, if they realise the implications?

KAILEY

The girls have been to visit the property 3 times now. Once bringing the mother and sister along. They are moving to be closer to the family who live a few streets away.

We weren't even going to ask for guarantors since both work, but they put them down voluntarily. I agree that it does seem tricky to navigate if there were to be a problem. We'd more than likely go to the parents to live nearby.

We haven't done any credit checks/reference for the girls or their parents yet.

Thanks for your input.