Can I rent a property for my son?

Irn-Bru-Kid

My son (32) has been living with us for just over two years and he is desperate for a place of his own.

He fell on hard times and we naturally took him in. We are happy for him to stay with us, but he needs to stand on his own two feet again.

He has looked at several properties through agents and has had no luck securing a place. He has paid fees, then been turned down, I assume because his credit rating is not good.

Its really difficult to see him like this and I would like to help as much as I can.

Can I rent somewhere via an agent and let him live there? That way all checks will be on me, which is fine as I am homeowner, working etc. If so, should I be upfront with the agent and tell them the circumstances?

Alternatively, if I become his guarantor, will an agent just credit check me.

If anyone has any suggestions or input, I would be very grateful to hear from you.

Many thanks

BigAunty

If you are his guarantor, you can end up writing open ended cheques, it's a very risky strategy.

To encourage him to stand on his own two feet, get him to obtain a copy of his credit record and seek advice on how to repair it.

You will be unlikely to find an agent or landlord who will rent you a property for you to sublet to your son (and remember, you will end up responsible for the rent and damage if you are on the tenancy agreement).

Another way to get around failed tenant checks and not being able to provide a guarantor is to offer 6 months rent upfront - can your son do this? Or do you fancy taking on the risk of loaning him this sum and having him pay you back over the 6 month period?

BigAunty

BTW, if he hit 'hard times' again, such as losing his job, currently the local council will only pay the equivalent in housing benefit of a cheap room in a shared property to those under 35, not a self contained place (it used to be 25 but changed in January).

Therefore he might want to consider how he can afford the rent on his next place if it's much higher than the Local Housing Allowance rate. You can identify the shared LHA rate on the local council or Direct Gov websites.

Is he in debt?

Irn-Bru-Kid

BigAunty wrote: »

If you are his guarantor, you can end up writing open ended cheques, it's a very risky strategy.

To encourage him to stand on his own two feet, get him to obtain a copy of his credit record and seek advice on how to repair it.

You will be unlikely to find an agent or landlord who will rent you a property for you to sublet to your son (and remember, you will end up responsible for the rent and damage if you are on the tenancy agreement).

Another way to get around failed tenant checks and not being able to provide a guarantor is to offer 6 months rent upfront - can your son do this? Or do you fancy taking on the risk of loaning him this sum and having him pay you back over the 6 month period?

Thanks for the input. I've seen his credit report and it is not pretty!

So, if we paid six months in advance for him, no credit check would be carried out?

I have no problem becoming his guarantor. He is my son and I will do anything that I can to help him.

Irn-Bru-Kid

BigAunty wrote: »

BTW, if he hit 'hard times' again, such as losing his job, currently the local council will only pay the equivalent in housing benefit of a cheap room in a shared property to those under 35, not a self contained place (it used to be 25 but changed in January).

Therefore he might want to consider how he can afford the rent on his next place if it's much higher than the Local Housing Allowance rate. You can identify the shared LHA rate on the local council or Direct Gov websites.

Is he in debt?

He earns approx 30k per year, so he can easily manage the rent. he has debt, but it is being managed.

BigAunty

Irn-Bru-Kid wrote: »

..!

So, if we paid six months in advance for him, no credit check would be carried out?

I have no problem becoming his guarantor. He is my son and I will do anything that I can to help him.

I'm don't know if they will credit check just to get an idea of the problems but other members may know.

This forum gets a lot of posts from friends and relatives who have trusted a tenant enough to be their guarantor, only to rue the day they signed the guarantee. Just so long as you are aware of the risks.

Irn-Bru-Kid

BigAunty wrote: »

I'm don't know if they will credit check just to get an idea of the problems but other members may know.

This forum gets a lot of posts from friends and relatives who have trusted a tenant enough to be their guarantor, only to rue the day they signed the guarantee. Just so long as you are aware of the risks.

I trust my son implicitly but if he gets into trouble, I will be more than happy to bail him out... that's my responsibility as a parent I suppose.

I am thinking of just renting a property and letting him live there. How would the agent or landlord know? We have the same name, so all bills, council tax etc would appear to be registered to me.

Does anyone have any thoughts on this?

Brallaqueen

Irn-Bru-Kid wrote: »

I have no problem becoming his guarantor. He is my son and I will do anything that I can to help him.

Does that include letting him face up to the consequences of his actions?

I'm not saying this to be rude or harsh, just to highlight that sometimes the parental urge to help (completely understandable) can be a hindrance in terms of coping with life.

pmlindyloo

If your son was openly honest about having a rubbish credit report (by the way I do believe they are only interested in CCJs and bankruptcy, if that's a help) then if 6 months was offered up front I suspect you would be able to find somewhere.

Despite the postings about the downsides of being a guarantor I totally understand your desire to help so if you realise all the pitfalls then you could also go this route.

SuzieSue

Irn-Bru-Kid wrote: »

I trust my son implicitly but if he gets into trouble, I will be more than happy to bail him out... that's my responsibility as a parent I suppose.

I am thinking of just renting a property and letting him live there. How would the agent or landlord know? We have the same name, so all bills, council tax etc would appear to be registered to me.

Does anyone have any thoughts on this?

No, don't do that - it will cause too many problems. If there was a fire, then the landlord's insurance would probably not pay out as the person living there was not the person on the tenancy agreement. The landlord would probably take you to court to recover his loss.

Many landlords will be happy with 6 months rent up front, so it would be best to speak to some letting agents and see what they say. I know you trust your son, but you should think very carefully about acting as a guarantor, but if that is the only way, then you might have to do it. A lot of parents of students have to do it otherwise they would never be able to rent.

Irn-Bru-Kid

SuzieSue wrote: »

No, don't do that - it will cause too many problems. If there was a fire, then the landlord's insurance would probably not pay out as the person living there was not the person on the tenancy agreement. The landlord would probably take you to court to recover his loss.

Many landlords will be happy with 6 months rent up front, so it would be best to speak to some letting agents and see what they say. I know you trust your son, but you should think very carefully about acting as a guarantor, but if that is the only way, then you might have to do it. A lot of parents of students have to do it otherwise they would never be able to rent.

You're probably right, the wrong thing to do. If I was honest and upfront with the agent and told them I wouldn't be living there, would this make a difference or is a definite no-no for agents?