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Guarantor Agreement Service
Secure Your Tenancy with Our Guarantor Agreement Service
If our tenant referencing check has determined that a prospective tenant is of a slightly higher risk, then having a guarantor agreement in place can help them to proceed with their application. Having someone prepared to declare themselves legally responsible to pay the rent, should a tenant fail, is the best way for landlords to protect themselves financially and for tenants to have access to the home they want.
Why do I need a guarantor agreement?
Finding a suitable guarantor is arguably as important as finding a suitable tenant, and Wirral Homes will perform the same referencing checks on guarantors as they do tenants to ensure that the guarantor is suitable. This service is included in both our let only and full management service. A full, comprehensive background, identification and credit check will determine their credibility, to ensure that they can fulfil their obligations.
What does the guarantor agreement involve?
Our guarantor contract sets out the guarantor’s legal commitment and is an accompanying document to the tenancy agreement. Our deed of guarantee also extends to other conditions under the tenancy, meaning the guarantor is also liable for the cost of any damages arising as a result of the tenancy.
As part of our full management service, were the tenant to fall behind with their payments and cannot pay their debt, we would seek the payments from the guarantor in the tenant’s place. It is important for guarantors to fully understand the agreement, and all of the implications before signing. For this reason, our agreements are also provided along with explanatory notes for their review.
To provide additional security for our landlords, our guarantor contracts state that legal obligations only end once the tenancy has ended.
What we can do for you
Our inhouse legal team draft all of our legal documentation to ensure that it is both compliant with all necessary rules and regulations, and to prevent the possibility of any legal disputes resulting from the contract. If you would like to find out more, or review our guarantor agreement, Contact Us today!
Frequently Asked Questions
Does A Guarantor Need To Sign The Tenancy Agreement?
A guarantor typically does not need to sign the tenancy agreement itself, but they do need to sign a separate guarantor agreement. The tenancy agreement is a contract between the landlord and tenant, outlining the terms of the tenancy, such as rent amount, duration of the lease, and other responsibilities.
The guarantor agreement, on the other hand, is a separate contract where the guarantor agrees to meet certain obligations of the tenant if the tenant fails to do so. These obligations usually include paying rent and covering any damages or other costs the tenant is responsible for under the tenancy agreement. This agreement should clearly state the guarantor’s responsibilities and the extent of their liability.
It’s important that the guarantor fully understands their obligations before signing the guarantor agreement. They should be provided with all relevant information, including a copy of the tenancy agreement, so they are aware of the commitments they are guaranteeing.
In summary, while the guarantor does not sign the tenancy agreement, they must sign a separate, legally binding guarantor agreement.
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