Guarantors for tenants

[Deleted User]

I am one of those parents with a son at university, living in halls who is on benefits and unlikely to be able to be a guarantor. As both my children and I have ASD, and I am on benefits, I could not be a guarantor and don't know anyone who could be.

But my son is likely to remain in halls for the duration of his course because of his support needs.

If this wasn't the case I would be advising him to apply to be a student live in advisor in halls so he could still live in as he'd/we'd never be able to get him into a private rental. It is not normal for a second-year student to live in halls, but it is possible.

dimbo61

Most BTL lenders for student properties require Landlords to have guarantors for student tenants !
Students get loan payments every 3/4 months during university.
Some pay each month like a normal tenancy ( Indeed some parents pay every month while the students live off the loan) or we ask the students to pay for say September, October, November and December in one payment once the loan has arrived.
Jan,Feb and March once the Jan loan has arrived etc.
We use RLA deed of Guarantor forms and tenancy agreements which state that the Guarantor is only guaranteeing the rent for there Son/Daughter.

In reply to Comms 69 would you be happy for your child to take on the responsibility of paying the Gas/Electric/Water or Broadband for a group of 8/10 students ( and collecting the share off each student ?)

" I didn't think you were allowed to place ads on the forum "
I have not placed an advert !!!
Manchester Student Homes is a university run office paid for by the Universities in Manchester UOM, MMU and Salford

Comms69

dimbo61 wrote: »

Most BTL lenders for student properties require Landlords to have guarantors for student tenants ! - That's just nonsense.
Students get loan payments every 3/4 months during university. - how is that relevant?
Some pay each month like a normal tenancy ( Indeed some parents pay every month while the students live off the loan) or we ask the students to pay for say September, October, November and December in one payment once the loan has arrived. - surely that's down to the contract and the 'tenancy periods', if you set them at 4 months, it's pretty difficult to evict them...
Jan,Feb and March once the Jan loan has arrived etc.
We use RLA deed of Guarantor forms and tenancy agreements which state that the Guarantor is only guaranteeing the rent for there Son/Daughter. - That's not how joint contracts work. So one or the other is invalid.

In reply to Comms 69 would you be happy for your child to take on the responsibility of paying the Gas/Electric/Water or Broadband for a group of 8/10 students ( and collecting the share off each student ?) - That depends on a large number of factors, but has nothing got do with the landlord/owner of a premises. Personally, my child, sure, but then my child will have ample lessons on consumer rights, tenancy rights and contract law. (and would simply take the payment upfront from their housemates)

" I didn't think you were allowed to place ads on the forum "
I have not placed an advert !!!
Manchester Student Homes is a university run office paid for by the Universities in Manchester UOM, MMU and Salford

It's really not relevant who runs it....

dimbo61

https://www.manchesterstudenthomes.com/Local

Above is the link to MSH so please check out the website as this gives excellent advice to both students and parents.

I am a student Landlord and I have also been a Guarantor for both my sons when they went to University.
We took lots of photos when my boys moved into student houses and informed the Letting agents about any damage/ problems we found straight away. ( We did have one letting agent try to make a claim on the deposit until I emailed lots and lots of photos of the property date stamped to the day my son moved in )

Comms69

dimbo61 wrote: »

https://www.manchesterstudenthomes.com/Local

Above is the link to MSH so please check out the website as this gives excellent advice to both students and parents.

I am a student Landlord and I have also been a Guarantor for both my sons when they went to University.
We took lots of photos when my boys moved into student houses and informed the Letting agents about any damage/ problems we found straight away. ( We did have one letting agent try to make a claim on the deposit until I emailed lots and lots of photos of the property date stamped to the day my son moved in )

No thanks, it's clearly done you no good....


(really are just advertising now, so spam police should pick this up!)

dimbo61

Student tenancies are normally 12 months from 1st July until 30th of June
Please have a look on MSH re Guarantors
The Students are signing a " Joint and several contract"

" (and would simply take the payment upfront from their housemates)"
How much does it costs to heat a large 4 storey 100 years old house ? and divide that by 8/10

" - That's just nonsense " Well all you have to do is buy yourself a HMO with a BTL mortgage or loan and see what the lenders wants

dimbo61

" No thanks, it's clearly done you no good....


(really are just advertising now, so spam police should pick this up!)"

This really is the best website available for students and parents when looking for somewhere to live and checking out student properties ( what to look for )

SPAM POLICE why ?

mchale

Comms69 wrote: »

No thanks, it's clearly done you no good....


(really are just advertising now, so spam police should pick this up!)

Not really spam, its the official university accommodation portal, similar to

https://www.liverpoolstudenthomes.org/Accommodation

Comms69

dimbo61 wrote: »

Student tenancies are normally 12 months from 1st July until 30th of June - what if they don't leave?
Please have a look on MSH re Guarantors - I really don't need to, guarantorship is very tightly regulated. You can claim to only chase payments from delinquent payers, but ultimately the landlord can chase anyone he likes.
The Students are signing a " Joint and several contract" - indeed.

" (and would simply take the payment upfront from their housemates)"
How much does it costs to heat a large 4 storey 100 years old house ? and divide that by 8/10 it would depend on the EPC rating

" - That's just nonsense " Well all you have to do is buy yourself a HMO with a BTL mortgage or loan and see what the lenders wants

No, all I need is to actually do some research. BTL, whilst tightly regulated, does not typically differentiate between students and non students. Infact typically HMOs are only such, based upon the occupants. Some lenders may have additional criteria, but certainly not 'most' as you claimed.

silvercar

I suppose I am the nearest you are going to get to the Spam Police!

Those websites are run by the universities themselves, so I'm allowing the links.