I'm a landlord of one property (inherited), not much experience and live geographically distant so leave most things up to letting agency. Tenants contacted me concerned as LA have told them they will have their deposit returned but must find a guarantor instead.
Guarantor must be solvent, a home owner themselves and happy to underwrite any expenses for repairs/cleaning/unpaid rent that the tenants do not cover.
I phoned the LA who confirmed they are now insisting on this for all tenants.
I am a bit shocked - I can foresee several potential problems on both tenants and landlord sides.
I cannot think of anyone I could personally ask to act as a guarantor if I was in tenants position and even if a guarantor was found who is to guarantee that they would pay up if needed. And I bet it wouldn't be the LA that paid any court expenses!
So is this common practice? Am I just being naive?
I have informed our tenants and LA that I will continue with current deposit system for them, but if new tenants are required would the guarantor system be reasonable?
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Tenants required to find guarantor instead of deposit
44 replies
familygermsareok · 07/03/2014 20:04
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