Guarantor for uni student

foolofbeans

I have been asked to be a guarantor for my child who will be in their second year of uni.

The form is very basic with a spelling mistake on the word guarantor :rotfl:

I'm sure I remember seeing on this board that if a guarantor form was not set up as a deed then it is not enforceable. Am I correct in my recollection? Or kidding myself as I will be signing an agreement to abode by certain terms and I don't know of any legislation that trumps that.
Any clarification please?

AdrianC

Surely it doesn't matter if it's enforceable or not, since your child wouldn't dream of leaving their debts unpaid, right...? And, in the massively unlikely event they did, of course you'd not be looking for loopholes to evade paying their dues.

The one thing to make sure is that you don't find yourself guaranteeing an entire houseful of students.

(btw, if you're going to have a rofl at spelling mistakes, I think you mean "abide" by the terms...?)

Anoneemoose

I originally posted this in the DFW section.

https://forums.moneysavingexpert.com/discussion/5444079

I am not aware that I have spelled guarantor incorrectly??

I was asking because I can't afford to pay for the full years' rent and I although I don't think my son would let me down at all, I just want to safeguard myself as much as possible.

Anoneemoose

foolofbeans wrote: »

I have been asked to be a guarantor for my child who will be in their second year of uni.

The form is very basic with a spelling mistake on the word guarantor :rotfl:

I'm sure I remember seeing on this board that if a guarantor form was not set up as a deed then it is not enforceable. Am I correct in my recollection? Or kidding myself as I will be signing an agreement to abode by certain terms and I don't know of any legislation that trumps that.
Any clarification please?

I am also not asking to get out of anything, just as I have just had to give up work due to long term illness, IF my son got into financial trouble I would prefer the lettings agency to let me know as soon as possible. I know my son wouldn't hide anything from me, but if I am to potentially be liable for £4000 worth of debt, i'd like to be kept up to date!

yllop1101

Be aware it's often not just your son you're being a guarantor for. There have been occasions where students have been left liable for their housemates rent (say one moves out without finding a replacement), you would too could be held responsible for this if they're all on a joint tenancy.

G_M

yllop1101 wrote: »

Be aware it's often not just your son you're being a guarantor for. There have been occasions where students have been left liable for their housemates rent (say one moves out without finding a replacement), you would too could be held responsible for this if they're all on a joint tenancy.

I've just posted to this effect in the thread linked earlier (and here):

https://forums.moneysavingexpert.com/discussion/5444079

dimbo61

As a student landlord we always ask for parents to be guarantor for there son or daughter.
We use RLA standard forms which should be completed with a witness as deed.
It asks that the parent/s pay the rent if the tenant/student does not.
The tenancy agreement is a joint and several so everyone is liable for ALL the rent and ANY damage caused.
I am giving the keys to a £300,000 property to a group of 19/20 year old students who I have met maybe 2-3 Times. I want and my Lender requires some security.
We have had few problems with students paying the rent.
They get loans in September/January and April.
Please check the property has a HMO if over 3 floors, Gas safe certificate, CO alarm, good security, smoke alarms mains wired.
Check the photos and website.
Check if the university has its own housing office or housing officer.
Manchester Student Homes is the very best example of universities working together to provide good quality student accommodation with its Halls to Homes program

FutureGirl

You were rofl at the fact they spent guarantor wrong... then you spelt 'abide' wrong.....

You need to check that you're being a guarantor for just your son and his part of the rent, and not the whole rent. You also need to check if their contract is one contract with all of them named, or separate contracts. If it's the former, then your son could be liable for the full rent if a housemate leaves, meaning you could then liable for that also.

From your post, it seems that you're expecting your son to get into financial difficulties, otherwise you would be posting, trying to get out of paying if your son does get into difficulties.

Also, letting agent won't tell you if your son has finial difficulties. If the rent is unpaid, they will just come to you for it.

AdrianC

FutureGirl wrote: »

You were rofl at the fact they spent guarantor wrong... then you spelt 'abide' wrong...

What is it they say about every spelling flame?

Also, letting agent won't tell you if your son has finial difficulties.

No, because they probably won't know if he's damaged the curtain poles or banisters until the check-out.

dimbo61

I have two sons who have been to university and I also had to be a guarantor.
Take lots of photos when he/she moves in of the condition of the property.
Write a letter and email the letting agents if you are unhappy with anything about the bedroom and house in general.
Check the inventory carefully before signing ( child ) and point out on the inventory any damage to furniture.
Report any faults or problems straight away

missbiggles1

Has this thread been merged because it seems to be somewhat confused if not?