Alternative to Deposit Scheme

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Wayne Holder
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Now you all know Im a large Letting Agent and Im just as confused as everyone over this Deposit Scheme. However this is my proposed solution.
I have preached for a couple of years about the importance of a Guarantor to be attached to the tenancy agreement. Obviously this gives me, or the Landlord, another string to the bow to recover rent if the tenant goes into arrears.
It definetly works because even though my arrears have increased it would be a lot higher if there wasnt a Guarantor.
A Guarantor is attached to the tenancy for as long as the tenant remains in the property and not for the term of the initial tenancy, this have been tested in Court by myself and found in my favour.
So, if the Guarantor is also responsible for damage in the property as a result of the tenancy for say, up to one months rent, why is there a need to take a Bond/Deposit.
Im suggesting that I should not take a Bond/Deposit just one months rent and a signed amended Guarantor form.
I appreciate any feedback on this subject.
15/03/2007 00:00

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