We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
PLEASE READ BEFORE POSTING: Hello Forumites! In order to help keep the Forum a useful, safe and friendly place for our users, discussions around non-MoneySaving matters are not permitted per the Forum rules. While we understand that mentioning house prices may sometimes be relevant to a user's specific MoneySaving situation, we ask that you please avoid veering into broad, general debates about the market, the economy and politics, as these can unfortunately lead to abusive or hateful behaviour. Threads that are found to have derailed into wider discussions may be removed. Users who repeatedly disregard this may have their Forum account banned. Please also avoid posting personally identifiable information, including links to your own online property listing which may reveal your address. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
Guarantor request by LL for student accomodation
Comments
-
Andypandyboy wrote: »If my son was in this house and the OP was acting like this I would tell my son to find another sharer. The OP is putting the whole tenancy at risk here.
It is not me who is putting the tenancy at risk. It is the greedy landlord and unscrupulous estate agent who are demanding unfair and unreasonable terms. Still trying to beat them at their own game.0 -
It is not me who is putting the tenancy at risk. It is the greedy landlord and unscrupulous estate agent who are demanding unfair and unreasonable terms. Still trying to beat them at their own game.
Why aren't you pursuing the insurance companies who make landlords of student lets have guarantors?0 -
Why is it greedy to expect the rent to be paid and to be compensated for any damage over and above fair wear & tear?0
-
It is not me who is putting the tenancy at risk. It is the greedy landlord and unscrupulous estate agent who are demanding unfair and unreasonable terms. Still trying to beat them at their own game.
It is you who the other parents will blame, and it is your son who will be coming under pressure from the other students.
You should have looked into this before your son got to this stage, and addressed a possible way round it then.0 -
Thanks for that. Much disgust being voiced there but no real conclusions. It is the miss-selling and demands for illegal insurance cover which I was hoping someone might have addressed and had some success with. What these estate agents are doing seems like pretty brazen law breaking to me. Typical of the arrogance of the financial services sector who never seem to learn.
What do you mean no real conclusions?
The advice is clear. Do not sign it.Few people are capable of expressing with equanimity opinions which differ from the prejudices of their social environment. Most people are incapable of forming such opinions.0 -
I am not being asked to do anything. It is being demanded that I underwrite possible defaults on rent and potential damages caused by three people I don't even know as well as my son. To underwrite such risks on unknown third parties is clearly to insure them and to try and call it anything else is disingenuous.
You seem to be making a mountain out of a mole hill. You are being asked to act as a Guarantor. You do not have to do it. To pretend you are underwriting insurance is nonsense.
If you do not sign and nobody else does, it is the landlord's problem if the AST has been signed.Few people are capable of expressing with equanimity opinions which differ from the prejudices of their social environment. Most people are incapable of forming such opinions.0 -
That is the sort of subservient attitude which lets the financial services industry get away with its litany of scams and rip offs. You may be prepared to have these scam artists walk all over you but some of us are not.
Legally unless you sign you have lost nothing so have no claim.Few people are capable of expressing with equanimity opinions which differ from the prejudices of their social environment. Most people are incapable of forming such opinions.0 -
Who in their right mind is going to take on £200,000 of risk, never mind unlimited liability just for a student let? Lloyds Names are paid handsomely for taking on those levels of risk but these sleazy landlords and estate agents are demanding that people take on identical risk for free. You would have to be insane to do it. I am still plugging away at getting a decent deal on this without accepting crackpot levels of risk.
Whatever liability there is, your son has already agreed to take it on. Your only concern appears to be whether YOU should take it on.
You still seem to be confused between this and an insurance policy. You are only signing up to cover your son's liabilities as a tenant. For any money that he would legally be liable to pay, whether you sign as his guarantor or not. You don't have to pay up if the house is struck by lightning. You understand the distinction?0 -
No. There is another alternative. To challenge this nefarious practice and hopefully save some people in the future from being caught in the same trap.
Challenge away. You have lost nothing. What exactly are you going to do?Few people are capable of expressing with equanimity opinions which differ from the prejudices of their social environment. Most people are incapable of forming such opinions.0 -
You are probably right. These conscience and scruple free bandits will let one or two people bear the risk. They want to do zero work for loads of money.
You do realise that they don't make any money from having you as guarantor? They just have a better chance of realising the money that the tenants have contractually signed up to paying? That it's a protection for them against being swindled; not a chance to swindle anybody else?
The only people who can cause you any loss if you sign this are your son and his friends.0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 352.2K Banking & Borrowing
- 253.6K Reduce Debt & Boost Income
- 454.3K Spending & Discounts
- 245.3K Work, Benefits & Business
- 601K Mortgages, Homes & Bills
- 177.5K Life & Family
- 259.1K Travel & Transport
- 1.5M Hobbies & Leisure
- 16K Discuss & Feedback
- 37.7K Read-Only Boards