What am I signing up for as a Private Guarantor?
In summary you're agreeing to be responsible for all the tenant's obligations under the tenancy agreement including unpaid rent; bills; any damage caused etc. Please check the tenancy and guarantee agreement thoroughly to ensure you fully understand your risks.
Why would I want to be a Guarantor?
Guarantors are often close friends or family of someone looking for a property that cannot provide the evidence landlords want to confirm they are suitable tenants. Often this relates to a lack of past evidence that they will be able to pay rent on a consistent, regular basis.
It means acting as a guarantor can make a big difference in helping someone secure a property for rent. Examples include:
· A young person just starting work
· A student
· Someone on housing benefits
· A professional person new to living in the UK
However, because being a guarantor is a big commitment, we'd always recommend you think carefully before agreeing to it – even if you know the person well.
How much does a guarantor reference cost?
A guarantor reference will be paid for and carried out as normal and a copy stored in their "online briefcase". A guarantor registration is £3.99 and the reference fee is £49.50.
Will my details as a Guarantor be displayed on your site?
A guarantor's registration is considered private and your details will not be displayed on our site. However a registered landlord will be able to contact you and request a copy of your reference if they are interested in the tenant you are backing.
How do I confirm I'm acting as a Guarantor for a tenant on your database?
Once you have passed LetRef's checks and a report issued, you can amend your account to link it to the tenant's ID you are guaranteeing. This now amends their registration to show they have a referenced guarantor.
When can I stop being a Guarantor?
Generally the details would be in the agreement and you should read it carefully before signing, as it could be far longer than the initial fixed term contract.
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