GUARANTOR GUIDANCE NOTES


Main Responsibilities

  • By agreeing and signing to be guarantor for a tenant you will need to take on the following responsibilities:
  • If the tenant defaults in the payment of rent or other sums laid down in the tenant agreement the guarantor will pay the landlord on demand any such rent or other sums not paid.
  • If the tenant defaults in the performance or observance of the Tenants obligations contained in the tenancy agreement the guarantor shall pay the landlord all losses, damages, expenses and costs which the landlord shall be entitled to reside by reason of tenant’s default.
  • The guarantor may not assign its rights or obligations to any person without the prior consent of the landlord. In the event that more than one person constitutes the guarantor the liability shall be joint and several.


Guarantor Criteria

  • An acceptable guarantor should have:
  • A good credit history with no CCJ’s, IVA’s or Bankruptcy
  • An annual income of at least three times the annual rent, if he/she is a sole guarantor.
  • Overseas guarantors may be considered on a case by case basis and are subject to landlord approval
  • Document Requirements
  • We will require the following documents from guarantors:
  • Photographic ID - by way of a copy of either your passport or driving licence
  • Address ID - by way of Utility or Mobile phone bill (Bank statements are not acceptable)
  • Copy of your last 3 payslips


 TENANTS FEE's:
1. APPLICATION FEE £350 covering credit and reference checks for the first applicant and £120 for each subsequent adult applying for the property
2. HOLDING DEPOSIT being the equivalent of 1.5 month’s rent for the property. Please note that on the moving in date the holding deposit becomes a security deposit, is being registered and transferred over to the Deposit Protection Service and held there for the duration of the Tenancy and repaid in accordance with the terms and conditions of the Scheme.
3. CONTRACT FEE £150 PER PROPERTY - a fee payable upon signing of the tenancy agreement and receipt of the keys
4. CONTRACT RENEWAL FEE £90 PER PROPERTY - a fee payable upon the renewal of the tenancy agreement
5. EXIT INSPECTION FEE £90 - a fee payable at the end of the tenancy for the exit inspection
6. LATE RENT FEE £30 an administration charge covering all attempts of contact (letters, personal visits, text messages and voicemails). This fee can be charged up to 3 times each rental period if there has been no reply to any attempt of contact
7. LOST KEY REPLACEMENT £42
8. LOCK CHANGE £144
9. CONTRACTOR CALL OUR FEE £60 – unreasonable call out/no work required
10. CANCELLATION OF A ROUTINE INSPECTION OR A GAS SAFERY INSPECTION ON A NOTICE SHORTER THAN 24 HRS £60