Guarantor for uni student

G_M

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?

Not at all.

Ignoring the poor spelling and grammar, and assuming this is a joint and several tenancy:

MONIES DUE BY WAY OF RENT OR OTHERWISE ARISING OUT OF THE TENANCY AGREEMENT

so if the total rent for the property is, say £2000 pm (with, say, 4 students contributing £500 each) then your child is legally responsible for £2000 pm. And so would you be.

ENTERED TO IN BY THE ABOVE NAMED TENNENT, AND THAT NAMED TENANT ONLY.

does not help. Since your child has entered into a tenancy with a rent of £2000 pm.

The only way to limit this would be for the guarantee deed to specifically state that you, the guarantor, have your liability limited to £500 rent arrears pm

As for

OR OTHERWISE ARISING OUT OF THE TENANCY

this relates to damage, loss, cleaning etc
So if the other 3 tenants trash the property and run off with the washing machine leaving your child as the only remaining contact at the end of the tenancy, your child (and therefore you) will be responsible for all the damage, loss and cleaning.

dimbo61

This is why being a " Student Landlord" can be a nightmare.
No point doing credit checks on 18/19 year old students !!!
May have a Phone contract once they turn 18 but unlikely they have every rented or had loans or full time jobs.
So what is wrong with asking parents to be a "Guarantor" for there son or daughter.
The tenancy agreement is a joint tenancy where the GROUP agree to pay the rent for the property.
If a couple or a family move into a rental property it is a joint tenancy they sign.

Guest101

Why? Those credit checks would show up as much as most others.


The real reason for having guarantors is because students have limited income and a reputation for being skint.


Loans don't show up on these credit checks.

student'smum

My son will be sharing a second year student house from September, and needs a guarantor. His father has a CCJ, although he is on a high income and lives with his new high earning wife in her home. I am on a part-time (30 hours pw) low income, though I own a one bedroom flat following the sale of the marital home post-divorce. What I need to know is, would my ex-husband be able to be our son's guarantor, or will he be credit checked? I am very reluctant to be guarantor on my low income, as it would be extremely difficult for me to pay any potential debts. I have taken 20% of my pension out to top up my annual income over the next eight years before I can claim my state pension, and I would be very worried that I would lose this if debts were incurred as guarantor. Is it feasible for my ex-husband to be guarantor, with such a bad credit rating?

[Deleted User]

I realise this is your first post, so don't worry but I think you need to start up your own thread.

AnotherJoe

student'smum wrote: »

Is it feasible for my ex-husband to be guarantor, with such a bad credit rating?

That's entirely up to the landlord or their agent, depends if they run credit checks on the guarantor and what attitude they take to poor credit.

silvercar

In my personal experience, student let guarantors are rarely checked out.

A signature on a piece of paper and the letting agents are happy. This could be because the letting agents are snowed under with work at only this time of year or because they operate in a particular segment of the market where the chance of calling on the guarantor is low.