As a tenant looking for a place to rent, it is important to make sure you have a legally binding agreement with your landlord. One type of agreement commonly used in the UK is the assured shorthold tenancy (AST) agreement. An AST provides security of tenure for the tenant and outlines the responsibilities and obligations of both the tenant and the landlord.
However, for those tenants who may not have a strong financial background, finding a guarantor to back them up may be necessary. A guarantor is someone who agrees to pay the rent if the tenant is unable to do so. This provides security for the landlord and increases the chances of successfully renting a property.
Fortunately, there are free AST agreements available that include a guarantor section. These agreements have been designed to cater to the needs of tenants who require a guarantor to secure their tenancy. Here are some of the benefits of using a free AST agreement with a guarantor:
1. Legal protection
A free AST agreement with a guarantor provides legal protection for both the tenant and the landlord. The document outlines the rights and obligations of both parties and is a legally binding contract.
2. Security for the landlord
The existence of a guarantor minimizes the risk of rent arrears or property damage. This gives the landlord peace of mind knowing that they are protected financially.
3. Increased chances of securing a property
With a guarantor in place, tenants who may not have a strong financial background have a better chance of securing the property they want. The guarantor’s financial stability provides security for the landlord and increases the chances of a successful rental application.
4. Customizable
Free AST agreements with a guarantor can be customized to meet the specific needs of individual tenants and landlords. This flexibility allows for a tailored agreement that suits both parties.
In summary, a free AST agreement with a guarantor provides legal security and financial protection for both tenants and landlords. This type of agreement is ideal for tenants who may require assistance in securing a tenancy due to a lack of financial stability. By using a free AST agreement with a guarantor, tenants can increase their chances of finding a suitable property to rent while giving landlords peace of mind knowing that their financial interests are protected.