Guarantors for tenants

GreenSnake

G_M wrote: »

Most LLs will apply the same criteria to a guarantor that they would apply to a tenant. eg income of x times the rent etc. Home-owner is a bonus and some LLs require this.

Thank you.
Very detailed advice.
I'm probably going to state early on that I will not be agreeing to any guarantor deeds.

I've heard about some students, often foreign, living as guests in family houses.
That sounds like an option I may advise for my offspring. It wasn't the "done thing" in my university days, but maybe lodging like that doesn't require a guarantor? Hopefully it may be a bit more civilised than the kind of things that went on in the shared houses of my student days.

Maybe the days of the "student experience" I had are gone?
I wouldn't be keen on providing a guarantor deed to any of my offspring, if it results in them living in a shared house, where working class students have been excluded because they can't get a guarantor.

Thanks again.

Slithery

GreenSnake wrote: »

Maybe the days of the "student experience" I had are gone?
I wouldn't be keen on providing a guarantor deed to any of my offspring, if it results in them living in a shared house, where working class students have been excluded because they can't get a guarantor.

That's not what you need to worry about.

Usually in a student house all of the tenants are on a joint tenancy. If you act as a guarantor you aren't just liable for your own offspring, you're guaranteeing all financial responsibility for the entire property. If any of the tenants fail to pay rent/damage property the landlord can hold you liable for the whole amount (not just your offspring's share).

Unfortunately this is par for the course for student rentals nowadays, you'll be hard pressed to find a landlord that agrees to anything else.

GreenSnake

Slithery wrote: »

That's not what you need to worry about.

Usually in a student house all of the tenants are on a joint tenancy. If you act as a guarantor you aren't just liable for your own offspring, if any of the tenants fail to pay rent/damage property the landlord can hold you liable for the whole amount (not just your offsprings share).

Is this what is meant by "joint and several liability"?
I definitely would not agree to that.
I wouldn't really be keen on acting as a guarantor, even if it was an individual tenancy for only my daughter. Obviously, this is not as bad as a shared tenancy, but it still means me supporting her in a way. I'd prefer she acted as an independent adult. But obviously I need to find out if that's realistic these days.

GreenSnake

Slithery wrote: »

That's not what yo

Unfortunately this is par for the course for student rentals nowadays, you'll be hard pressed to find a landlord that agrees to anything else.

Sounds like a potential nightmare. I think this is what my colleague was warning me about. I've got a few years warning.

So are parents just going along with this set up?
I would have been laughed at if tried to find a guarantor. My parents had worse ratings than me, probably!

Looks like the lodger option will be worth looking into.
Do you have any experience of that set up? I mean student living with a family as a lodger. Not in a shared student house, with an absent landlord.

When_the_going_gets_tough

Actually we were not required to act as guarantor for either of our children. They both rented direct from landlords and one provided individual tenancies as he thought it fairer. Now they are in employment the model seems to be individual contracts with all bills included.

Slithery

GreenSnake wrote: »

So are parents just going along with this set up?

Yep. Usually because they don't fully understand what they're signing up to.

Lorian

And if its a popular university, where accommodation is at a premium you wont find many landlords who wont require a guarantor.

I've been a guarantor for one family member. That was bad enough. I wouldn't touch a joint tenancy with me as a guarantor for other people I don't know.

GreenSnake

Lorian wrote: »

And if its a popular university, where accommodation is at a premium you wont find many landlords who wont require a guarantor.

I've been a guarantor for one family member. That was bad enough. I wouldn't touch a joint tenancy with me as a guarantor for other people I don't know.

Do you mean only "absent" landlords or "resident" landlords too?

GreenSnake

Lorian wrote: »

And
I've been a guarantor for one family member. That was bad enough. I wouldn't touch a joint tenancy with me as a guarantor for other people I don't know.

My feelings entirely.

dimbo61

I would love to show you some of the beautiful students houses now available in Manchester one of the biggest student cities in the country.
We ask student tenants to provide guarantors and parents sign deed of guarantor forms.
We ask students to sign " joint and several tenancies "
We are providing properties that can cost £500/600,000 and get maybe £3/4,000 in deposits.
Students have no credit history or references from previous landlords.
Most landlords now provide All-inclusive rent with all bills included.
Gas/Electric/Water/Super Fast Broadband and TV licence. 42/49" Smart TV
Gardner and window cleaner.
Please check out Manchester Student Homes website ( A university paid for office in Manchester )
Landlords who advertise on the website have to be accredited and attend CPD events about Fire safety, Student mental health, Security and student safety. Standards expected from Landlords.ETC
The days of students living in damp, dirty hovels are for Most students long gone.
Parents and students want good quality accommodation with Landlords who look after the properties.
I have never had a parent refuse to sign a Deed of guarantor form and have Never needed to try and make any claim.
Students are nearly always excellent tenants who will look after a property if you are a good proactive Landlord.
They will report other students in the same property if problems arise. IE smoking or causing damage in the property