Advice re. being a guarantor for son

Ellie2758

The background is that my son, aged 18 student with part time job, is looking to rent a property with at least 2 other people, possibly 4 others in total. He is quoting rents like £700 per month :eek: and worse. He has just started this job in a supermarket, which he loves atm and now that lectures have finished he is working there full time. The problem is that he has asked if I will be the guarantor for his rent and I feel somewhat uneasy about this. He has never had a responsible attitude to money. e.g. last month his mobile bill was up by £40 because he had been away on a course for a week so rang gf a lot. Also, he says, because he was ringing up about jobs. This month he has gone over by £20 because he has been ringing estate agents on 08 numbers. I did warn him some time back that this was not a good idea but it seems he forgot. He always spends what he has. Never plans ahead. Will spend out on entertainment despite having limited income. I suppose now that he finally has a job this will not be such a problem but I am still worried.

Can anybody advise me HOW i can ensure that I dont end up owing thousands on his behalf?! Obviously I am only guaranteeing HIS portion of the rent. Is it possible for me to pay that portion to the landlord and then debit it from his account myself?

Sorry to ramble on.

DVardysShadow

Ellie2758 wrote: »

The background is that my son, aged 18 student with part time job, is looking to rent a property with at least 2 other people, possibly 4 others in total. He is quoting rents like £700 per month :eek: and worse. He has just started this job in a supermarket, which he loves atm and now that lectures have finished he is working there full time. The problem is that he has asked if I will be the guarantor for his rent and I feel somewhat uneasy about this. He has never had a responsible attitude to money. e.g. last month his mobile bill was up by £40 because he had been away on a course for a week so rang gf a lot. Also, he says, because he was ringing up about jobs. This month he has gone over by £20 because he has been ringing estate agents on 08 numbers. I did warn him some time back that this was not a good idea but it seems he forgot. He always spends what he has. Never plans ahead. Will spend out on entertainment despite having limited income. I suppose now that he finally has a job this will not be such a problem but I am still worried.

Can anybody advise me HOW i can ensure that I dont end up owing thousands on his behalf?! Obviously I am only guaranteeing HIS portion of the rent. Is it possible for me to pay that portion to the landlord and then debit it from his account myself?

Sorry to ramble on.

It might be obvious, but it is far from sure that this will be the case.

Google on 'Joint and Several Liability'. Your son will almost certainly be Jointly and Severally liable for the rent and other bills too. And you could end up liable for the rent of all of them if they default.

Fire_Fox

Maybe it's time for your son to stand on his own two feet and find rental accommodation that does not require a guarantor? I certainly would not treat him like a child and make the rent go through your bank account! Not sure why you are getting het up about £20-40 on a phone bill, providing he is working and meeting the commitment each month (sounds like he is) then it's really none of your concern.

Fang_3

Fire_Fox wrote: »

Maybe it's time for your son to stand on his own two feet and find rental accommodation that does not require a guarantor? I certainly would not treat him like a child and make the rent go through your bank account! Not sure why you are getting het up about £20-40 on a phone bill, providing he is working and meeting the commitment each month (sounds like he is) then it's really none of your concern.

That might not be so easy if he's a student. I'd have to ask what the OP has done to teach her child to be responsible with money, if anything?

Annisele

If you agree to act as guarantor, there is no way to ensure that you won't "end up owing thousands on his behalf". Unfortunately that's kind of the point - landlords don't like being exposed to (potentially financially irresponsible) 18 year olds; they'd rather have somebody with a house and a decent credit rating to call on if the let goes pear shaped.

Are you charging your son any rent now that he's got a job? If not, start! If you are, maybe up the rent a bit and put the extra into a savings account for him, so that you can give it to him to use as a deposit.

Aspiring_Writer

This isn't a clear cut decision for Ellie I think. Whilst you would like your son to stand on his own two feet, and renting a flat will give him that responsibility, you also want to help your child, as every parent would.

I would encourage him to look at other properties where perhaps he may not need a guarantor for his share, or, if you decide to act as guarantor, ensure that the rental agreement stipulates that you are only liable for his share of the rent (and bills if applicable). I see no reason why that can't be done.

In the meantime I have a friend who runs a letting business, I will ask them for advice and let you know Ellie, via PM if thats ok?

HAMISH_MCTAVISH

Parental guarantees can go pear shaped very easily. Particularly when groups of friends are looking to rent together.

Tell your son to find a room to rent, where the lease etc are in someone elses name and they're subletting a room to him.

These can easily be found on Gumtree or the like, and it avoids the hassle of him taking on the responsibility for leases and bills at first until he has proven he can handle it. He'll require a months deposit for his share of rent and bills, and probably to sign an agreement with the person letting the room to him, and that should be it.

Ellie2758

Are there rentals available that dont require a guarantor though? How does one find them? In answer to some of the above questions, I dont charge him rent as he doesnt live at home. He is living off campus but in student accomodation. At the time of the huge phone bills he didnt have a job, only his grant/loan. The job is a very recent thing.

I rang him this evening, at his request, and I think he is reluctantly coming to the conclusion that he will have to return home at the end of term and quit the job then try to find one here for the holidays. He is not happy about this, having taken 2 years to find a job at college!

I will suggest to him that he tries shop windows/supermarket advert boards etc etc for someone who is renting out just a room. His worry is that he has no idea what the bills will be - water/electricity/gas/council tax etc. He really wants to hang onto the job but has only a month left in his student accomodation

Thanks Hamish, i would press the Thanks button but you dont seem to have one atm.

Yes AW you may indeed PM me thank you very much

HAMISH_MCTAVISH

Ellie2758 wrote: »

I will suggest to him that he tries shop windows/supermarket advert boards etc etc for someone who is renting out just a room. His worry is that he has no idea what the bills will be - water/electricity/gas/council tax etc. He really wants to hang onto the job but has only a month left in his student accomodation

Rooms on gumtree, etc, will often be advertised as a fixed price, including share of bills.

silvercar

Shared student houses generally require parents to be guarantors. As uncomfortable as this makes you feel, if you want your son to share a house with other students there is little you can do about it. The only other option is for him to be a lodger in someones house or live in halls of residence.

Wee_Willy_Harris

If you, knowing your son as only his mother could, are uncomfortable with the risk, imagine how the LL, a complete stranger, must feel about it. My gut reaction is to scream "DON'T DO IT!". However, if you don't, he is going to struggle to get accommodation.

The biggest worry is the joint and several liability. What this means is that each individual is responsibble for the entire rent. So, for example, if one lad moves out, the LL will still want the full rent from the remaining 3 plus the absant lads share. That's a 33% rent rise in one easy move. If the other 3 lads turn out to be a nightmare, guess who the LL will chase for his money?

It might be an idea to speak to the LL direct and see if you can limit your liability to just your sons share. It it all goes the shape of a pair (as above) then he can still chase your son, but it lets you off the hook (a bit, at least).

You also need to sit him down and explain this to him, as I'm pretty sure he won't understand the potential liability untill it's waaaaay too late.