Please note: this is not a legal agreement, it is an application form. Details provided on this form will be used to compile the guarantor agreement document, which will be provided to you. This is not legally binding until the tenancy agreement and guarantor agreements are signed.
To be a guarantor you must meet all the below requirements:
Be a resident of Great Britain only
Be employed and working full time (37.5 hours per week)
Be over the age of 21 years old
Earn in excess of £20,000 per annum
Pass the Credit Reference check
What does a ‘guarantor’ entail?
By applying to be a guarantor for your tenant, you will be joint and severally liable for all parties included within the tenancy agreement. This means your details can and may be shared with any parties included within the tenancy agreement, such as (but not exclusive to) tenants, other guarantors and contractors. Your guarantor role can be used to guarantee any outstanding rent arrears, damages (in excess of the deposit held) and charges applied to the tenants during their tenancy. This is further explained within the Guarantor Agreement document, which you must sign once in agreement with the terms and conditions.
Don’t have a guarantor? Don’t wish to be a guarantor?
If you do not wish to sign the Guarantor Agreement, then the tenant will need to source an alternative guarantor. If a guarantor cannot be found, the tenant will need to pay an additional top up deposit of £150.00 and their full tenancy (whole year) rent, in full, by the commencement date (as specified within the tenancy agreement).
Credit & Reference Checks
All of our guarantors undergo a full Credit Check prior to tenancy commencement. Additionally, an in house employer reference will be required. Should the guarantor fail this check (as per the Reference Providers guidance), the tenant will need to seek an alternative guarantor. A charge will be applied to the guarantor/tenant of £20.00 for failing the reference check, to cover the cost of the check and subsequent paperwork to be drawn up.
If you have any further questions, please do not hesitate to contact us on:
Telephone: 01707 286152