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oldsport

Asked To Act As Tenancy Guarantor

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I've been asked by a family member to act as guarantor for a tenancy she wants to take. I've told the agent I'm happy to guarantee just the rent. But they want me to guarantee all the terms of the tenancy.

I've offered other alternatives such as paying a much larger bond and more rent in advance. But they aren't willing to negotiate at all.

It's not the rent I'm worried about. I wouldn't actually mind paying the rent for a few months.

The person I'd be acting as guarantor for is very trustworthy and has a quiet lifestyle. But I don't want to have some sort of open ended liability which might cost me a very large sum e.g. if her toaster sets on fire and burns the house down.

I don't know how these agreements work in practice. But Googling shows lots of people advising against doing it. Am I worrying unnecessarily? Are there other things I can suggest.

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Don't do it - for anyone, ever.

This.......I think we will be seeing this request more and more often.....lenders and landlords who want risk free because those that have little or nothing to prove, no history are higher risk.......don't like the heat, stay out of the kitchen.....someone wants you to pay another's liabilities if they are unable....if someone is good enough to pay let them pay you,you can then pay, else walk away. ;)

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I've been asked by a family member to act as guarantor for a tenancy she wants to take. I've told the agent I'm happy to guarantee just the rent. But they want me to guarantee all the terms of the tenancy.

I've offered other alternatives such as paying a much larger bond and more rent in advance. But they aren't willing to negotiate at all.

It's not the rent I'm worried about. I wouldn't actually mind paying the rent for a few months.

The person I'd be acting as guarantor for is very trustworthy and has a quiet lifestyle. But I don't want to have some sort of open ended liability which might cost me a very large sum e.g. if her toaster sets on fire and burns the house down.

I don't know how these agreements work in practice. But Googling shows lots of people advising against doing it. Am I worrying unnecessarily? Are there other things I can suggest.

I'd regard that as something to avoid. That kind of liability is what insurance is for. And insurers spread their risks!

Couple of random thoughts:

- Perhaps you can get insurance for that liability? I have tenants liability in my household contents insurance.

- Have a nosey around landlord and agent websites with public discussion fora (landlordzone, 118, ???): see what their attitude to this kind of thing really is. As Sun Tzu once said, know your enemy.

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I've often wondered about those Amigo Loans ads you see on TV too. Would you guarantee and be legally responsible for someone else's loan?

A loan guarantee is a limited liability. That's not at all what the OP is worried about!

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Sounds like they want someone with a house they can sue if it gets turned into a brothel or cannabis farm...

I think it is reasonable of you not to want unlimited liability, if you really want to help them out say you will g'tee the rent + £?000, it's pretty decent of you to g'tee someone's rent so you shouldn't feel bad about putting in some restriction/limit.

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Sounds like they want someone with a house they can sue if it gets turned into a brothel or cannabis farm...

Best plan is to turn it into both.

Anyone who's getting shagged and wasted every Friday night isn't really going to be too bothered about suing anyone...

XYY

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