My tenants are moving out at the end of the month and I will be re-letting the property.
I have thought about asking new tenants for a guarantor for the rent. Any new tenants are likely to be young people in the early stages of their working lives. The tenants now leaving struggled to pay rent recently and while it worked alright eventually it was an issue for a while.
Is asking for a guarantee a good idea. How could I actually get a guarantee. Would I ask for the guarantors bank details, or details of their assets. While I would accept any suitable person as guarantor, I would expect that it would be parents in that role.
If it came to it how could such a guarantee be enforced.
Any insights would be welcome. Thanks.
I have thought about asking new tenants for a guarantor for the rent. Any new tenants are likely to be young people in the early stages of their working lives. The tenants now leaving struggled to pay rent recently and while it worked alright eventually it was an issue for a while.
Is asking for a guarantee a good idea. How could I actually get a guarantee. Would I ask for the guarantors bank details, or details of their assets. While I would accept any suitable person as guarantor, I would expect that it would be parents in that role.
If it came to it how could such a guarantee be enforced.
Any insights would be welcome. Thanks.