10:09 AM, 28th October 2020, About A year ago 21
In the past, if someone was in a reasonable job, I was willing to risk taking them on without a guarantor. In fact, it seemed rude to ask a professional in their 30s or 40s for one. The worst thing that could happen would be me losing about 6 months rent – which I may or may not have been able to somehow claw back later.
We are now in a completely different operating environment. I now prefer to let a property remain vacant even for a month or two if necessary, in order to wait for the least risky tenant with a homeowner guarantor. Far better to lose one or two months’ rent now than run the risk of losing 2 years or more rent if the tenant decides not to pay the rent.
Some prospective tenants are initially annoyed when they are asked for one. One wrote to me: ‘a guarantor for a £500 house?’ Others say ‘I am a mature professional. I don’t need a guarantor.’ But if I get no rent on the £500 house for 2 years I am down £12,000, not to mention the legal fees and stress. JUSTICE FOR LANDLORDS! – Property118 So, yes, guarantor, please.
I also find, however, that most prospective tenants are quite understanding about it, once it is explained to them, as I did to one today: ‘Unfortunately, due to recent Government legislation which makes it very difficult to evict any tenant who decides not to pay the rent, we have to have a guarantor as a safety net.’ The single mother of two girls said ‘yes, I understand completely.’
Just like other Government legislation supposedly to ‘protect renters,’ this is having the diametric opposite result and is awful for would-be decent tenants, whilst the rogues are protected. When will the Government realise that all their interfering is creating havoc and misery for tenants as well as landlords?
Please Log-In OR Become a member to reply to comments or subscribe to new comment notifications.
Previous ArticleAre These Auction Property Deals Worth it?