In certain circumstances a tenant might need a guarantor in order to be able to rent a property, for example in cases of bad credit. It is surprising how many people agree without knowing exactly what it means.
If a friend or family member asks you to be a guarantor for their tenancy on a new rental property, what does this mean for you:
1. A guarantor agrees to accept the liabilities on behalf of the tenant. If a tenant cannot meet their obligations under the tenancy agreement including rent arrears or damage to the property you are responsible for these debts and issues.
2. You will need to sign a Deed of Guarantee which is a legally binding document.
3. You are agreeing to be fully referenced, including a credit check, employers and landlords (if applicable) reference. Can you afford your own lifestyle and the tenant’s liabilities if you were required to?
4. You cannot withdraw from being a guarantor until a change of tenancy, a tenancy renewal, death of one of the parties or with written permission from the landlord. Therefore you could be bound for a minimum of twelve months depending on the tenancy term.
5. You should always see and read a copy of the tenancy agreement before you sign the Deed of Guarantee. This will fully outline your responsibilities regarding the tenancy.
There is nothing wrong in being a guarantor but think long and hard about it as it could cost you if the tenant fails to meet their obligations. It could affect you personally as well as financially.
For further information or to browse our range of properties to let please visit www.homes4harrogate.co.uk or give me a call or an email on 01423 529250, sarah@homes4harrogate.co.uk
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Welcome to the Mumbler property page. We have created this page to provide Mumblers with relevant, up-to-date information about the local property market. From help on all aspects of buying a new home to advice on remortgaging your existing property or even renting a property in the town, you can read all about it here.
Your new Mumbler property team; Andrew, Stewart and Alison are always happy to answer any questions you have. Over the coming weeks and months they will be producing a series of short articles aimed at answering the most common property related questions.
If you have a question or query about any aspect of property then please email it to stewart.amos@barlowbarton.co.uk. Any suggestions that are used will receive a box of chocolates or bottle of wine from the Mumbler property team.
Best wishes Stewart,Andrew Hill and Andrew Kempston- Parkes
T: 01423 529250
E: Email Sarah Johnston MARLA, LLB
Sarah Johnston is a residential letting expert covering Harrogate and the surrounding district.
She prides herself on offering a modern, flexible and personal service to landlords and tenants including pro-active marketing on social media and extensive property management.
Being fully Arla Propertymark regulated and with a background in Law, Sarah is well placed to advise on the ever changing legislation and regulation affecting landlords and does this with regular free landlord events and blogs.
After spending eight years managing a portfolio of over 1,100 properties in Harrogate Sarah set up homes4harrogate and hasn't looked back since.
Sarah is very happy to be part of the Mumbler community and looks forward to helping everyone from landlords about to embark on their buy to let journey to experienced portfolio landlords.
E-mail address sarah@homes4harrogate.co.uk
T: 01423 528528
Our percentage of local sales is very high for our size and our turnaround is swift. We've spent the last 25 years getting to know every inch of the Harrogate district and its property market, and we study it constantly. That knowledge, and our unique sales approach – always friendly, never pushy – means we’re unusually good at finding buyers.
It doesn’t mean we charge more – in fact our rates are very competitive. We’re able to do that because we’ve kept our team small and stuck to our principles of honesty, attention to detail and proper customer care. So while we have all the selling tools that modern estate agents have at their disposal, no home we sell is ever lost in the crowd, or treated second-best because we have a larger property on our books.
We give you our full attention and make sure we’re with you at every step. In short, we actually care – after all, this could be one of the most important transactions of your life.
e-mail address hello@andrewhill.co
M: 07810 108 165
Stewart Amos is a mortgage advisor based in the centre of Harrogate. He advises on and arranges mortgages from a comprehensive range of mortgages from across the market for all sorts of clients. From those looking to take their first steps on the property ladder to those with a portfolio of investment properties. He also helps arrange the cover put in place to ensure families would be financially secure should the very worst happen; life insurance, critical illness cover etc.
Having been to see a large number of MUMblers over the past year he understands the importance a personalized service can make. He is happy to meet clients in their own home at a convenient time, unfortunately for him that's usually in the evenings after the kids have gone to bed!
As a thank you for all the kind recommendations on Mumbler, Stewart is happy to waive his usual broker fee to all members of the group. Mention that you're a Mumbler to qualify.
Email Address: stewart.amos@barlowbarton.co.uk
Your home may be repossessed if you do not keep up repayments on your mortgage.
Barlow Barton LTD is an appointed representative of CAERUS Financial Limited.
T: 01423 789 111
M: 07791 505 116
E: Email Andrew Kempston-Parkes, MRICS
Andrew Kempston-Parkes is an experienced member of The Royal Institution of Chartered Surveyors (RICS), having worked as a Chartered Surveyor in the residential property industry for over 20 years.
Over the years, Andrew has worked with a large number of clients to help move their house purchases forward efficiently and with ease. Or, when properties haven't been quite up to scratch his vigilance has helped clients to make an informed decision on whether to proceed.
Harrogate has been his home for 20 years and he lives near the centre of town with his partner and their two children, Matthew and Sean.
Feel free to get in touch with Andrew if you have any questions regarding the types of home surveys available and which is right for you.
Email Address: andrew@kempston-parkes.co.uk
