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Guarantor request by LL for student accomodation
Comments
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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.0
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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.
who in this scenario works in financial services, exactly?2021 GC £1365.71/ £24000 -
If your son enters a joint tenancy with 3 other people he will be responsible for their defaults and damage.
The only alternative is for him to rent on his own.0 -
The estate agent. They state on their site that they are overseen by the FCA. As far as I am aware the FCA require a clear statement before colossal risk is undertaken ("your house is at risk" etc). The provision of insurance is also a regulated activity and it is illegal to start providing unlimited insurance to third parties from what I can see. Do you think it would be legal for me to insure your property with no formal licence or whatever is required?0
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It is not an insurance policy you are being sold. You are being asked to be a co-signatory to a legal contract granting a tenancy.The comments I post are my personal opinion. While I try to check everything is correct before posting, I can and do make mistakes, so always try to check official information sources before relying on my posts.0
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If your not happy don't do it and let your son find somewhere else to live.
But he may find he will have to get a guarantor as he has no credit history and doesn't work as he is a student.
Why not provide 6 months rent up front for example?"It is prudent when shopping for something important, not to limit yourself to Pound land/Estate Agents"
G_M/ Bowlhead99 RIP0 -
Miss_Samantha wrote: »If your son enters a joint tenancy with 3 other people he will be responsible for their defaults and damage.
The only alternative is for him to rent on his own.
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.0 -
If your not happy don't do it and let your son find somewhere else to live.
But he may find he will have to get a guarantor as he has no credit history and doesn't work as he is a student.
Why not provide 6 months rent up front for example?
If he had been warned of the risk up front he would have contacted me and I would have told him to walk away. As things lie he has paid a significant deposit and rent in advance which they are going to nick if he doesn't find a guarantor. So we are stuck with fighting this.0 -
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The estate agent. They state on their site that they are overseen by the FCA. As far as I am aware the FCA require a clear statement before colossal risk is undertaken ("your house is at risk" etc). The provision of insurance is also a regulated activity and it is illegal to start providing unlimited insurance to third parties from what I can see. Do you think it would be legal for me to insure your property with no formal licence or whatever is required?
It's not insurance; no premium is being paid. The estate agent will be a broker for a FS company which is why they are regulated, but they don't work directly in FS as they only broker.
These are the technicalities on which you will lose.
A better argument is that the guarantee is inherently unfair. Unfortunately you have the option of just not signing it - so it is not illegal!2021 GC £1365.71/ £24000
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