To stand as guarantor

Lijong

Thank you all for the sounds advice and of course those super-parents who feel obliged to tell others how to parent. I will ask the LL if they will take rent in advance. I do not wish to stand as a reference to something I cannot legally do. If I am to leave I am to leave with a clean slate.

Thanks again, much obliged.

adindas

silvercar wrote: »

Many Landlords to students will take on a guarantor who would not pass a credit check. It is more a statement, that the parent trusts their son. In the 6 years of guaranteeing my offspring's student accommodation, only 1 actually took up an employment reference.

I think your situation is different as you might be preparing to take over the debt if something went wrong but not everybody will be preparing to do like what you might be doing.

This is an MSE forum is not a family advice forum. How many times we have seen here on MSE a dispute between parent and son when the parent got chase by the debt collector because of son faults.

The op son will be renting together with two other students. Normally in the case like this you will be a guarantor for the whole house so if one of these three students fail to pay the rent the debt collector will be after the OP.

Also you might know your son well, but you will never know what someone else son might be doing away from him. If you read the student life, some students just spend their student loan on booze, party, etc. Do not bother to pay their rent because they know they have parent as a guarantor.

It is your son and it is your money so if you are happy to do that then fine as long as you are preparing to take over the debt or prepared to be chased by the debt collector for the money you do not owe if something goes wrong.

silvercar

csgohan4 wrote: »

if I was a LL I would not take a guarantor who does not pass a credit check, what would be the point if I cannot guarantee the rent if the tenant defaults?


Statement is the tenant's issue not the LL. It's a business nothing personal

Student houses are generally for 4-8 students. The chances of a group of students ALL having parents who are in a financial position to be able to pass credit checks to be guarantors is limited. Landlords know this, they also know that few students earn enough on their own to manage without a guarantor. Some flexibility is needed and landlords are aware of this.

The op son will be renting together with two other students. Normally in the case like this you will be a guarantor for the whole house so if one of these three students fail to pay the rent the debt collector will be after the OP.

We have always included a statement that we will only be liable for the our son's personal share of the rent.

Lord_Baltimore

silvercar wrote: »

Student houses are generally for 4-8 students. The chances of a group of students ALL having parents who are in a financial position to be able to pass credit checks to be guarantors is limited. Landlords know this, they also know that few students earn enough on their own to manage without a guarantor. Some flexibility is needed and landlords are aware of this.

Landlords don't want or need 4-8 guarantors; one will do. That person would never be me.

silvercar wrote: »

We have always included a statement that we will only be liable for the our son's personal share of the rent.

Not sure this would stand up if you were being pursued legally. If you are guarantor to a tenancy, you are guaranteeing the (whole) contract, not a specific person.

Never be a guarantor unless you really are prepared to cover all the potential loss.

Geoff1963

My advice on lending to friends and family, is to consider it a gift ; and maybe one day, they will give you back a similar gift.

Lord_Baltimore

Geoff1963 wrote: »

My advice on lending to friends and family, is to consider it a gift ; and maybe one day, they will give you back a similar gift.

But you wouldn't extend your optimistic generosity to strangers which is effectively what a guarantor does when guaranteeing a multi-student AST.

silvercar

Facts to consider.

Your son wants to live with his mates rather than random strangers.

If he only can choose from properties where no guarantor is required, this may limit his choice. In some towns this may be very limiting. The bottom of the student market can be very low. Consider what happens in September, those places not already snapped up are either expensive or the stuff no-one else will touch.

Other options, including private halls, may be more expensive.

Not sure this would stand up if you were being pursued legally. If you are guarantor to a tenancy, you are guaranteeing the (whole) contract, not a specific person.

Add words to the effect that you are guaranteeing X amount less any rent already paid by your son. Some landlords will issue individual rental agreements.

LandyAndy

I'm intrigued to know what all those decrying standing guarantor for a student offspring did when their children were at university.

Mela322

I had no problem signing as guarantor for my son. He worked his back side off to get into UNI. We signed for 3 years and never thought for a moment that we would have to pay for him. We knew he was good with his finances and he knew how to work out his budget each year. He finishes uni this year and just got his first "adult" job and his first flat on his own, no guarantor needed.

When we singed, it was for our son's share only and there were no credit or employment checks. I think they are more relaxed because most students have plans in place and probably the majority of students do pay.

hazyjo

Mela322 wrote: »

I had no problem signing as guarantor for my son. He worked his back side off to get into UNI. We signed for 3 years and never thought for a moment that we would have to pay for him. We knew he was good with his finances and he knew how to work out his budget each year. He finishes uni this year and just got his first "adult" job and his first flat on his own, no guarantor needed.

When we singed, it was for our son's share only and there were no credit or employment checks. I think they are more relaxed because most students have plans in place and probably the majority of students do pay.

As do a lot of people - but the OP is in rented accommodation, terminally ill and not working Bit different...