Guarantor request by LL for student accomodation

aquitaine

silvercar wrote: »

Please share with us the name of this insurance, I'm sure there are people reading this thread in your position who may want to consider such an insurance policy - if it really does provide a guarantor role.

I will do once it's a done deal.

aquitaine

GwylimT wrote: »

Amazing how quickly they got an appointment with CAB as well, also odd that CAB blames landlords for the terms and conditions of insurance policies.

Nothing amazing about it at all. You just ring them up and they help you. Very nice people, unlike the majority of posters here who seem to be small minded bigots.

Lunchbox

aquitaine wrote: »

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.

There are many of these companies around, aimed at students who don't have a guarantor that meets the landlord's criteria.

They all require the student to have a co-signer who is salaried and whom they will recover any monies should they be made to pay anything out. That co-signer is effectively still a guarantor (just one that doesn't have to meet the landlord's criteria). It is NOT insurance and they will still chase you/your son for the full liability in the contract should costs be incurred.

aquitaine

Andypandyboy wrote: »

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.

Save

It states that I must “indemnify the Landlord in full and on demand against any losses, costs, claims, liabilities, damages, demands and expenses.” Sounds like unlimited liability to me.

"Where there are multiple persons or entities occupying the Property then Tenant shall be read as including all of them jointly and severally." unlimited liability for any and all of them. What a scam.

Bluebirdman_of_Alcathays

aquitaine wrote: »

I would not be a buy to let landlord as I consider it to be anti social, parasitical and driven by greed.

Btl is bad, but are other landlords ok? What if the landlord in this transaction inherited the property?

aquitaine

Lunchbox wrote: »

There are many of these companies around, aimed at students who don't have a guarantor that meets the landlord's criteria.

They all require the student to have a co-signer who is salaried and whom they will recover any monies should they be made to pay anything out. That co-signer is effectively still a guarantor (just one that doesn't have to meet the landlord's criteria). It is NOT insurance and they will still chase you/your son for the full liability in the contract should costs be incurred.

If my son takes out the insurance they would cover him. They wouldn't pursue him afterwards, no point in doing it if they are not going to insure him.

aquitaine

Bluebirdman_of_Alcathays wrote: »

Btl is bad, but are other landlords ok? What if the landlord in this transaction inherited the property?

This business, if business is the right term for what looks more like some sort of low grade scam is just unpleasant. It's not like anyone does anything worthwhile or produces anything of value to society. It just seems to consist of mean people screwing those who are relatively powerless. I feel tainted after a day of dealing with these people.

ScorpiondeRooftrouser

aquitaine wrote: »

If my son takes out the insurance they would cover him. They wouldn't pursue him afterwards, no point in doing it if they are not going to insure him.

You don't seem to know what insurance is. You said :

"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. "

This is NOT insurance. If they stand as guarantor they are effectively, for a fee, agreeing to cover any demands from the landlord as and when they occur. They will still try to recover the money from your son. A guarantor can sue the person they have guaranteed for any money they had to pay - or didn't the nice man from the CAB know that?

GwylimT

aquitaine wrote: »

I will do once it's a done deal.

You do realise if a claim is made and your son is considered liable they will simply sue him to recover costs.

If landlords are so scummy I'm surprised you will allow your son to rent, have you not considered buying him a house/flat instead?

GwylimT

aquitaine wrote: »

Nothing amazing about it at all. You just ring them up and they help you. Very nice people, unlike the majority of posters here who seem to be small minded bigots.

Knowing the terms and conditions of a very common insurance policy doesn't make someone small minded or a bigot, it simply means they actually understand the policy. The 'person' at CAB obviously didn't as he believes landlords are scum for having landlords insurance.