Guarantor for uni student

SuzieSue

Anoneemoose wrote: »

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.

The OP was asking the question for himself, he was not referring to your question. He said that the word guarantor was spelled incorrectly on the form he had been given.

dimbo61

Interesting reading for you and child

http://www.manchesterstudenthomes.com/Local

Anoneemoose

SuzieSue wrote: »

The OP was asking the question for himself, he was not referring to your question. He said that the word guarantor was spelled incorrectly on the form he had been given.

Well, it's funny because fool posted on my other thread along similar lines about how he vaguely remembered something and this post appearead.

Thanks everyone for your replies. No, I don't expect my son will let me down, he has managed to pay his rent well in advance for the past 2 years. So I consider it to be low risk, however I can't afford to pay for his rent therefore I want to be fully aware of what I am getting in to.

He is also going to be living with the same people as now and they haven't caused any damage to their last 2 properties however, although I know my son's temperement, I don't know the other kids so wanted clarification re: damage.

I never even considered about the jointly and severally liable bit so I will ensure clarification on that and for that reason alone, it was worth posting!

Anoneemoose

dimbo61 wrote: »

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

One thing I won't be doing is making myself liable for the other kid's rent! Not a chance!

foolofbeans

AdrianC wrote: »

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.
So...not one useful bit of info here then?
The one thing to make sure is that you don't find yourself guaranteeing an entire houseful of students.
Very useful to know and I shall check that out thank you.
(btw, if you're going to have a rofl at spelling mistakes, I think you mean "abide" by the terms...?)

Indeed. Although I could pretend I put abode as a play on words :rotfl: A simple autocorrect mistake and I usually check but I guess I failed this time and I am so glad you took the time to point this out. Of course if I was writing out a contract for my workplace I would have checked, checked again and then once more before sending or printing. So I still feel entitled to laugh at a supposedly professional contract which has mistakes on it.

Thank you for your valuable input on the one bit of advice.

foolofbeans

missbiggles1 wrote: »

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

No just two posters with the same query.

foolofbeans

Just for the record I don't envisage my child not paying and I would try and honour any reasonable debt they incurred but I was concerned about being liable for other students rent and I know many students assume they will never retrieve their deposits.

foolofbeans

So this is detailed in the guarantor form:
I GUARANTEE THE PAYMENT OF ALL MONIES DUE BY WAY OF RENT OR OTHERWISE ARISING OUT OF THE TENANCY AGREEMENT ENTERED TO IN BY THE ABOVE NAMED TENNENT, AND THAT NAMED TENANT ONLY.
I UNDERSTAND THAT IF THE TENANT NAMED FAILS TO PAY I WILL BE LIABLE AND WILL PAY ON DEMAND THE SUM OWING.
So I'm thinking that pretty much means I'm only liable for my childs rent?

trevormax

Question for whoever is the OP (since it is a little confusing) what if your son falls out with one or more of his house mates and they move out and stop paying the rent or one or more of his house mates drop out of uni and move out and stop paying the rent?

I've seen posts on this website from parents who became guarantor like you are proposing and ended up being stuck with rent from one or more of their child's house mates rent. I personally would not be guarantor for anyone else's rent since you are putting that person in an incredible position of power over you and they could, intentionally or not, land you in a whole heap of debt.

davidmcn

foolofbeans wrote: »

So this is detailed in the guarantor form:
I GUARANTEE THE PAYMENT OF ALL MONIES DUE BY WAY OF RENT OR OTHERWISE ARISING OUT OF THE TENANCY AGREEMENT ENTERED TO IN BY THE ABOVE NAMED TENNENT, AND THAT NAMED TENANT ONLY.
I UNDERSTAND THAT IF THE TENANT NAMED FAILS TO PAY I WILL BE LIABLE AND WILL PAY ON DEMAND THE SUM OWING.
So I'm thinking that pretty much means I'm only liable for my childs rent?

That might be what they intended, but why refer to monies "otherwise arising out of the tenancy agreement" - which, if the tenants are jointly and severally liable for each other's rents, means you in turn are liable for everything.