Guide for Guarantors [Including PDF FORMAT]

A guarantor must be able to fulfil the following criteria:

> must be a UK resident

> the rent being guaranteed must be less than 40% of their salary

> must not have any detrimental credit registered against them

> must be able to provide Proof of Residency, if not locate don the Electoral Register

> must be able to sign the Agreement of Guarantee a minimum of one month prior to the tenancy commencing (as shown on the tenancy agreement); this does not affect your statutory rights under The Consumer Protection (Distance Selling) Regulations 2000


PLEASE NOTE: THE APPLICATION FORM DOES NOT CREATE A TENANCY AGREEMENT

PLEASE BE AWARE THAT AS GUARANTOR YOU ARE REQUIRED TO SIGN AN AGREEMENT OF GUARANTEE PRIOR TO THE LET PROCEEDING


Does a Guarantor guarantee the whole rent?

When a tenancy is entered into, the occupants named on the tenancy agreement are no longer individuals but become collectively one entity known as the “Tenant” and are therefore jointly and severally liable for the rent and the costs of any damage caused by the tenant during the tenancy. The responsibilities / liabilities as a guarantor are then also deemed to be “joint and several”. This means that, if there is more than one tenant included in the tenancy agreement, the liability will extend to guaranteeing any losses caused by any or all of the tenants named on the tenancy agreement.

In the case of sharers, if any one sharer requires a guarantor, the guarantor can guarantee a proportion of the rent, provided the agreement of guarantee shows all the tenants as “jointly and severally” responsible. The “Guarantee” will be limited to the proportion of the monthly rent being shown as guaranteed by you on the agreement of guarantee.

What does an Agreement of Guarantee cover and what is a Guarantor’s maximum liability?

By signing an agreement of guarantee the guarantor agrees to indemnify the landlord against all costs, losses and expenses arising through any breach of the tenancy agreement by the tenants named on the tenancy agreement, including rental payments. Your liability for rental payments will be limited to the proportional amount stated on the agreement of guarantee.

How long does the “Guarantee” last?

The guarantee lasts for the entire length of the tenancy including any extension, continuation or renewal of the tenancy.

Does the “Guarantee” cover any rental increase agreed at a later date

Yes - the guarantee will continue to apply to any rental increase agreed by the landlord and tenant at a later date.

When is the Guarantor approached to recover any losses?

Once every attempt to recover outstanding rent payments and or losses from the tenant have been unsuccessful. The guarantor will be responsible for settling the agreed proportion of any debt outstanding from any of the tenants named on the tenancy agreement.

The Agreement of Guarantee creates a legally binding contract

If you do not fully understand the nature of the agreement then it is recommended that you take independent legal advice before signingdress)
 

 

 

Guarantor form - Please ensure all sections are correctly filled out and returned to your local Varsity Student Lets Office or direct to the office dealing with the application with copies of IDs or the originals ready to be copied and proof of your current address.

 

 

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