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Q: What responsibilities does a guarantor have as far as my tenants are concerned?
A: A guarantor would be responsible for any short comings or non-payments with the rent and damages to the property. So, if your tenants fail to pay, you are fully within your rights to approach the guarantor and furthermore take legal action against them. Now, when they signed the tenancy agreement, or a Guarantor Indemnity, there should have been wording to cover that either the guarantor guarantees the rent proportion for the tenant that s/he is acting for; or the guarantor will guarantee the total rental. The wording is a little more detailed than that, but the nuts and bolts are simply one person’s rent share or the complete rent share.
To ensure action against the guarantor is enforceable, do make sure you have the correct wording in place at the start.
Should you be renting your property out to students, we would recommend one guarantor per student.
If you need any other lettings guidance, please do get in touch.