What is a guarantor?
I have been asked to be a guarantor, what are the risks?
Asked on Jul 12 2010,
Renting in Neath |
A guarantor is someone who guarantees that a tenant will pay the rent etc to a landlord. A guarantor is used where the tenant is not credit worthy so obviously the guarantor should be. The risk to the guarantor is that should the tenant default he will have to pay the rent/ service charge etc to the landlord.
Answered on Jul 14 2010,
Simply the liabilty for the rent if the tenant you are acting for defaults on the rental comittment
Answered on Jul 15 2010,
Does not necessarily mean poor credit worthiness, can be required if the job you have could last for less than the term of the lease you want so a guarantor would be required to make sure rent is paid. So say you want a 12 month lease and your contract at work is for 10 months. If you are on benefits then referencing agencies will require a guarantor, who will also be referenced.
Answered on Oct 16 2013,
Guarantor means you are responsible for everything which the Tenant has agreed in Rental Agreement. If the tenant fails his responsibilities like paying rent, the Landlord will be legally allowed to chase guarantor for rent.
Answered on Jul 6 2016,
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