Guarantor request by LL for student accomodation

GwylimT

aquitaine wrote: »

Excellent. Do you have any more nuggets of wisdom to offer the conversation?

I have offered many, all of which you have ignored as you seem to ignore anything that doesn't suit your incorrect view point where renting to students is concerned.

GwylimT

aquitaine wrote: »

The reason I refused to sign is because I read a lot of horror stories about people being chased for large sums of money by landlords. When my other children were at uni they just got flats and there was no big deal, no demands like this, it set the alarm bells ringing and rightly so by all accounts.

Personally as a landlord and a parent who was a quarantor for many years this would ring alarm bells. If a landlord is adequately insured to have students in their properties they are required to ensure all tenants have a guarantor otherwise the insurance is useless and will not pay out. So it sounds like your older children had careless landlords who did not take their responsibilities seriously.

Why is it taking your son so long to simply take a photo of or scan the tenancy agreement and guarantor agreement and send it to you?

The need for a guarantor will be clearly outlined in the landlords tenancy agreement as it will be mentioned in the area of the agreement concerning areas etc. The agreement your son signed.

As a guarantor if you pay the deposit then you receive the information concerning the deposit protection scheme rather than the tenant.

Brightspark87

OP - Firstly, I am understanding of your situation with your son, students are often the target for people making money on the quick and taking advantage of their lack of experience. However, by making some of the comments regarding the financial services PROFESSION Not industry I have struggled to get the gist of what you want help with.

I am a highly qualified Financial Planner (you may call me an IFA). I am authorised and regulated by the FCA, submit financial statements, credit reports and personal information to them annually along with ensuring I am update to date with professional learning and continuing development. I help clients - if I didn't I wouldn't have any. I charge fees not commission and always explain to people who I do not feel it is in their best interests to get advice from myself to seek guidance elsewhere and point them in the right direction.

I find it difficult to read some of what you have said, mainly due to your rants about the 'industry' you seem to think will charge your son a fortune for something he doesn't need.

Perhaps, if you are willing, I can explain who I see as members of the financial services profession, who is and can be regulated by the FCA and what we do as a profession do. Then perhaps, you can have some assistance as to how to go about sorting this issue you have.

ScorpiondeRooftrouser

Brightspark87 wrote: »

OP - Firstly, I am understanding of your situation with your son, students are often the target for people making money on the quick and taking advantage of their lack of experience. However, by making some of the comments regarding the financial services PROFESSION Not industry I have struggled to get the gist of what you want help with.

I am a highly qualified Financial Planner (you may call me an IFA). I am authorised and regulated by the FCA, submit financial statements, credit reports and personal information to them annually along with ensuring I am update to date with professional learning and continuing development. I help clients - if I didn't I wouldn't have any. I charge fees not commission and always explain to people who I do not feel it is in their best interests to get advice from myself to seek guidance elsewhere and point them in the right direction.

I find it difficult to read some of what you have said, mainly due to your rants about the 'industry' you seem to think will charge your son a fortune for something he doesn't need.

Perhaps, if you are willing, I can explain who I see as members of the financial services profession, who is and can be regulated by the FCA and what we do as a profession do. Then perhaps, you can have some assistance as to how to go about sorting this issue you have.

Well, you won't, because it's nothing to do with the financial services profession.

Brightspark87

ScorpiondeRooftrouser wrote: »

Well, you won't, because it's nothing to do with the financial services profession.

Well, I do have experience of being a guarantor too!

Andypandyboy

Hopefully, the OP has gone away to consider his/her position and reflect on the reality of the liability. After that, like us, they may conclude that they are making life unnecessarily hard for their student child.

aquitaine

GwylimT wrote: »

Personally as a landlord and a parent who was a quarantor for many years this would ring alarm bells. If a landlord is adequately insured to have students in their properties they are required to ensure all tenants have a guarantor otherwise the insurance is useless and will not pay out. So it sounds like your older children had careless landlords who did not take their responsibilities seriously.

Why is it taking your son so long to simply take a photo of or scan the tenancy agreement and guarantor agreement and send it to you?

The need for a guarantor will be clearly outlined in the landlords tenancy agreement as it will be mentioned in the area of the agreement concerning areas etc. The agreement your son signed.

As a guarantor if you pay the deposit then you receive the information concerning the deposit protection scheme rather than the tenant.

I spoke to the CAB today and they agreed that it is outrageous for BTL landlords to try and get parents to accept unlimited liability for the wrongdoings of other people's children. Very nice bloke I spoke to who said that these BTL landlords have had it all their own way for too long and he is going to put it to their national committee to make representation to government to put a stop to the practice. Apparently these BTL landlords are in for a good kicking from government anyway and not before time.

I have also been pointed to a third party company who takes on the role of guarantor for a couple of hundred quid. I will probably go down that route then the BTL landlord can argue with an insurance company and may the devil take the hindmost.

I actually come away from dealing with the people in this sector feeling rather unclean. What a repellent band of grasping creeps they are. I hope I never have to cross swords with them again.

GwylimT

So what does the contract say?

The landlord will have to do virtually nothing as their insurer persues the guarantor.

Where will your son be sleeping tonight? Does he have suitable storage for his belongings.

I went to CAB once, I had to explain what DSRs were when they were in force.

aquitaine

Brightspark87 wrote: »

OP - Firstly, I am understanding of your situation with your son, students are often the target for people making money on the quick and taking advantage of their lack of experience. However, by making some of the comments regarding the financial services PROFESSION Not industry I have struggled to get the gist of what you want help with.

I am a highly qualified Financial Planner (you may call me an IFA). I am authorised and regulated by the FCA, submit financial statements, credit reports and personal information to them annually along with ensuring I am update to date with professional learning and continuing development. I help clients - if I didn't I wouldn't have any. I charge fees not commission and always explain to people who I do not feel it is in their best interests to get advice from myself to seek guidance elsewhere and point them in the right direction.

I find it difficult to read some of what you have said, mainly due to your rants about the 'industry' you seem to think will charge your son a fortune for something he doesn't need.

Perhaps, if you are willing, I can explain who I see as members of the financial services profession, who is and can be regulated by the FCA and what we do as a profession do. Then perhaps, you can have some assistance as to how to go about sorting this issue you have.

I'm sure your life is made very difficult by the reputation of the financial services industry (I was visiting Canary Wharf recently and was greeted by someone who said "Welcome to organised crime central ha ha ha") It must be very difficult for an honest person to make any headway as the reputation of the industry is absolutely appalling. Good luck with it anyway.

Andypandyboy

aquitaine wrote: »

I spoke to the CAB today and they agreed that it is outrageous for BTL landlords to try and get parents to accept unlimited liability for the wrongdoings of other people's children. Very nice bloke I spoke to who said that these BTL landlords have had it all their own way for too long and he is going to put it to their national committee to make representation to government to put a stop to the practice. Apparently these BTL landlords are in for a good kicking from government anyway and not before time.

I have also been pointed to a third party company who takes on the role of guarantor for a couple of hundred quid. I will probably go down that route then the BTL landlord can argue with an insurance company and may the devil take the hindmost.

I actually come away from dealing with the people in this sector feeling rather unclean. What a repellent band of grasping creeps they are. I hope I never have to cross swords with them again.

Is your liability unlimited? Have you read the contract? Is the LL insured for buildings and contents?

It sounds like the CAB chap was telling you what he thought you wanted to hear without there being any realistic possibility of the issues you have complained about ever being outlawed.

In my experience, which consists of being a guarantor for several children over approx ten contracts and with probably three more contracts to to come, liability is limited not unlimited.

I think you have got yourself in a stew without actually knowing the finer detail.;) and certainly without being clued up enough to guide your student son through the process.

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