Guarantor request by LL for student accomodation

aquitaine

GwylimT wrote: »

It isn't free, it is simply included in the single monthly payment, this attracts people who genuinely believe its free, instead of the costs being recovered elsewhere.

For example you're in town and see a sign that says "Free coffee with any meal" it isn't free at all as the cost of the coffee is factored into the price of the meals.

My car insurance claims to provide free breakdown cover, it isn't free at all, the cost has simply been covered by my insurance policy. But people think because they don't have two separate payments the item is genuinely costless.

By that token I should be demanding payment from the landlord. I just looked and policies which cover this sort of thing are readily available to landlords so I don't really see why I should provide it for free.

aquitaine

HouseBuyer77 wrote: »

Do his housemates have keys, is it a 12 month fixed contract? Does the contract he signed say anything about requiring a guarantor?

He could get a copy of the key off his new housemates and move in. Pay rent etc as normal. If they want a guarantor they should have set that up as part of the contract signing.

I doubt they'll like this course of action though, but all they can do about it is issue an S21. They can't do this before the fixed term is up.

That sounds more like it. A bit of fighting spirit at last. Thanks for that.

HouseBuyer77

I just looked and policies which cover this sort of thing are readily available to landlords so I don't really see why I should provide it for free.

If you look a little closer you'll find such policies will ask for guarantors for tenants such as students.

mozza78

aquitaine wrote: »

By that token I should be demanding payment from the landlord. I just looked and policies which cover this sort of thing are readily available to landlords so I don't really see why I should provide it for free.

The landlord will have his own insurance policy but the guarantor status usually covers things like non-payment of rent or willful destruction and vandalism of the property.

If you lent your car to a mate and he pranged it why should you invalidate your no claims bonus by claiming on your own insurance?

GwylimT

aquitaine wrote: »

By that token I should be demanding payment from the landlord. I just looked and policies which cover this sort of thing are readily available to landlords so I don't really see why I should provide it for free.

You shouldn't be demanding anything as you aren't entitled to anything. If you don't want to sign then don't, but possibly suggest to your son that as an adult he takes responsibility and actually reads things before he signing them. If thats beyond him I doubt he is safe to live on his own.

The landlord is most likely insured, but those policies require tenants to have guarantors. So the insurance company payout for the landlord, then the insurance company can persue the guarantor when co-operation isn't forth coming.

csgohan4

You blame the EA, but who signed the agreement, who FAILED to read the Terms and agreement.


We are talking about a 19 year old, not 9 year old. He is an adult not your baby and he has to learn from his own mistakes, never sign anything unless you read through everything and understand it.


As mentioned don't want to sign, help your son find somewhere else to live and stop arguing about guarantors, they have been around for a long time and it's not illegal.


Although I personally wouldn't want to be a guarantor as if you fail to pay Bailiff's will come, but you can understand why some EA/LL want them as students don't generally have regular income or a good long/ reliable credit history

aquitaine

GwylimT wrote: »

You shouldn't be demanding anything as you aren't entitled to anything. If you don't want to sign then don't, but possibly suggest to your son that as an adult he takes responsibility and actually reads things before he signing them. If thats beyond him I doubt he is safe to live on his own.

The landlord is most likely insured, but those policies require tenants to have guarantors. So the insurance company payout for the landlord, then the insurance company can persue the guarantor when co-operation isn't forth coming.

Are you saying that you regard it as acceptable for a sophisticated professional in the financial services industry not to disclose potentially huge risk to a client who is not financially sophisticated? I thought that was precisely the sort of behaviour that is supposed to be overseen and prevented by the FCA.

aquitaine

csgohan4 wrote: »

You blame the EA, but who signed the agreement, who FAILED to read the Terms and agreement.


We are talking about a 19 year old, not 9 year old. He is an adult not your baby and he has to learn from his own mistakes, never sign anything unless you read through everything and understand it.


As mentioned don't want to sign, help your son find somewhere else to live and stop arguing about guarantors, they have been around for a long time and it's not illegal.


Although I personally wouldn't want to be a guarantor as if you fail to pay Bailiff's will come, but you can understand why some EA/LL want them as students don't generally have regular income or a good long/ reliable credit history

Are you also saying that you regard it as acceptable for a sophisticated professional in the financial services industry not to disclose potentially huge risk to a client who is not financially sophisticated? It's not surprising the financial services industry is always in the news for some sort of fraud or miss-selling. Some people seem to actually condone their practices and defend them. Do you work in the financial services industry?

GwylimT

aquitaine wrote: »

Are you saying that you regard it as acceptable for a sophisticated professional in the financial services industry not to disclose potentially huge risk to a client who is not financially sophisticated? I thought that was precisely the sort of behaviour that is supposed to be overseen and prevented by the FCA.

A landlord is a sophisticated financial professional in the financial services industry, thats quite a funny joke.

If someone thinks being able to add up the cost of rent owed if someone doesn't pay is sophisticated, society really is in trouble.

mozza78

You seem to be very keen to blame the 'financial services industry' but perhaps you should be looking a little closer to home. No offence but if your son doesn't have the nous to realise that signing a contract without reading it isn't the best idea (or if he did read it and realising that you acting as guarantor for him and his mates places a large onus on you) then perhaps he shouldn't be living out of halls of residence .

Could you not club together with the parents of his housemates and the landlord to come up with an agreeable solution for all? Else I fear you will be hitting your head against a brick wall trying to fight this.