2. A Guarantor is a person who agrees to take on the
responsibility of paying another's rent if they are unable to
pay it. A tenant will require a guarantor if they earn less than a
certain salary set by the landlord or letting agency in charge of
the tenancy.
3. To be eligible to become a guarantor in the UK it is important
that the guarantor lives in the UK, not in a
rented accommodation and is in employment. Guarantor's,
typically speaking, are parents or close relatives of the tenant
therefore can be relied on to pay the rent if the tenant is
unable to.
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4. If a tenant lives in shared accommodation under a shared
tenancy agreement than it is common for the guarantor to be
liable for the whole of the rent rather than just one tenant's
share. If this is the case, some landlords or letting agent's may
increase the required annual salary of a guarantor to ensure
that it can be paid on all tenant's behalf.
5. A guarantor is most likely to be responsible for paying unpaid
rent until the guarantee agreement expires. However, if
changes are made to the agreement, such as an increase in
rent, a guarantor could withdraw from their responsibilities
rather than sign a new guarantee agreement.
6. We hope you found our blog useful.
For more information, don't hesitate to contact us:
Twitter & Facebook: @GlocalR
Call Our Office Today: 0121 655 5188
7. We hope you found our blog useful.
For more information, don't hesitate to contact us:
Twitter & Facebook: @GlocalR
Call Our Office Today: 0121 655 5188
