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I have a prospective tenant who needs a guarantor and whose family are not in a position to be able to supply one. She , on trawling the Internet came up with a company called Housing Hand who offer to be her guarantor for the price of one months rent for 12 months.
On speaking to them they appear very genuine and the operate by means of an insurance policy they hold and consequently the cover any missing rents, damage to property and court costs.
They claim to have worked with the RLA and have offered to sign the deed of guarantor albeit I am yet to send them a copy.
I don't understand what may happen after the initial 12 months, they say their cover stops at 12 months unless it is renewed.
However the AST (RLA) automatically runs on to a periodic tenancy and the deed of guarantor automatically continues the gurantor's liability through into the periodic period.
MY
y concern is can they simply stop their guarantor responsibilities if they sign the Deed of Guarantor?
In which case can they do this at any time during the twelve months?
do I need a different deed of guarantor - was intending to use the RLA unlimited one?
they say they have worked with RLA before so is there an easy solution?
I've done as much research from my end as I can - I've seen their insurance, trawled their web site, spoken to them and read reviews they seem very genuine and say they work with loads of universities and letting agents and organisations. Their web site does not claim any connection to RLA that was only eluded to during a phone conversation with one of their regional managers
I would be great full of any thought you may have on this.
