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What is a Rent Guarantor, and why do I need one?
We know renting in Brighton & Hove can be daunting, especially when lots of jargon or words that are new to you are used. When renting in Brighton & Hove, or anywhere in the UK, you may be asked to provide a rent guarantor.
What is a Rent Guarantor?
A Guarantor is a person, company or organisation that agrees to secure or ‘guarantee’ somebody’s tenancy agreement. The Guarantor will be responsible for fulfilling the terms of the agreement if you do not when renting a property in Brighton & Hove.
The main obligation of the Rent Guarantor is taking on rent payments, which means if you don’t pay the rent, the Guarantor will have to pay it. Depending on your individual tenancy agreement, it can also mean that the Guarantor is liable for any other costs, such as damages and sometimes the rent of other people who live in the property. It’s increasingly common to be asked to provide a Guarantor and who you choose is important, both when renting in Brighton and Hove, but also anywhere in the UK.
Who can be a Rent Guarantor?
Anyone who is considered eligible by the landlord or the managing agent can be assigned as a Rent Guarantor. We can discuss our individual requirements with you, but as an overview:
- The Guarantor must be UK based. This is because it’s easier to assess the Guarantor’s financial credentials and reduce any potential legal complications should a claim need to be made against them.
- It’s often required that the Rent Guarantor can demonstrate they are able to meet the obligations they are taking on. This usually means they need to own their own property and prove that they earn a minimum amount of money etc.
- A common misconception is that your Rent Guarantor has to be a parent or family member, but this isn’t true. It can be anyone who is both prepared to be the Rent Guarantor and who meets the criteria set out by the managing agent or landlord.
Why are Rent Guarantors required?
Guarantors are required when there is little information available to the Landlord about the person renting their property – this is to cover any potential issues which may arise during the tenancy.
When renting in Brighton & Hove, it is common for the Landlord to do a check on the person renting which may include references and a financial check. Sometimes they turn to a guarantor to do these checks if the person renting their property is renting for the first time. This provides the landlord with an extra level of insurance (a guarantee) that they are making a good decision and that their rent will be paid.
What about being a Guarantor?
Being a Guarantor is a substantial commitment. It is important to consider the role carefully as you are effectively becoming liable for the rent on the property, as well as any damage etc. and it is a legal commitment.
Most parents are happy to take on the commitment because it is for their child.
Keep in mind that some tenancy agreements are joint, which means each tenant in the property has exactly the same rights and responsibilities so if one of the tenants doesn’t pay their rent, the Guarantor could be liable. Therefore, it is important to be clear about what type of tenancy agreement you are committing to.
How do you secure a Guarantor if you don’t have one?
There are a number of circumstances in which you might find you don’t have access to a Rent Guarantor but you need one. For example, you are moving to the UK from overseas and your accommodation requires a UK based Guarantor, or you do not have anyone willing to be your Guarantor.
At Young Lee, we are always happy to discuss any issues you may have and help find a resolution, so don’t hesitate to get in touch.
Don’t forget, you can view all of our current properties available to rent in Brighton and Hove.
Get in touch with us today on 01273 005599 or email email@example.com.