extensive financial information required as guarantor

oosterhuis

My son in in first year at Liverpool uni. He has now found a place to stay with a few friends for the next academic year (9/2019). The organisation My tenantrent is requesting NI number, payslips, proof id, proof of address and salary, by the way of photos of the relevant documents, over the internet. I am little bit concerned that our financial history is being sent over the internet. Anybody had the same and it is a good idea? comment/suggestions please.

hazyjo

Search the forum for 'guarantor' and think very carefully about this - you need to make sure you're not covering all of them!


I wouldn't be worrying about sending by email (I presume). Send in separate emails if it worries you. Or are you attaching them to something else?

AdrianC

oosterhuis wrote: »

My son in in first year at Liverpool uni. He has now found a place to stay with a few friends for the next academic year (9/2019). The organisation My tenantrent is requesting NI number, payslips, proof id, proof of address and salary, by the way of photos of the relevant documents, over the internet. I am little bit concerned that our financial history is being sent over the internet. Anybody had the same and it is a good idea? comment/suggestions please.

Well, they obviously need to know that you're good for the guarantee you're giving. So, yes, they do need your financial details.

Remember that you're on the hook for not only any rent he fails to pay, but any damage that's caused - and, if it's a shared property, don't forget he (which means you) may well be jointly and severally liable for any debts from the housemates, too.

I'm sure he's a sensible lad, living with other sensible people, so it really won't be any kind of issue at all... right? I mean, what could possibly go wrong?

Whether you send the information requested electronically, by post, or go to Liverpool (or wherever) to do it in person is down to what you agree with them.

AnotherJoe

AdrianC wrote: »

Well, they obviously need to know that you're good for the guarantee you're giving. So, yes, they do need your financial details.

Remember that you're on the hook for not only any rent he fails to pay, but any damage that's caused - and, if it's a shared property, don't forget he (which means you) may well be jointly and severally liable for any debts from the housemates, too.

I'm sure he's a sensible lad, living with other sensible people, so it really won't be any kind of issue at all... right? I mean, what could possibly go wrong?

Whether you send the information requested electronically, by post, or go to Liverpool (or wherever) to do it in person is down to what you agree with them.

Common to see this raised as an issue here, one person gets left holding the baby.

Why is it you the guarantor and not some other parent?

G_M

AnotherJoe wrote: »

Common to see this raised as an issue here, one person gets left holding the baby.

Why is it you the guarantor and not some other parent?

Chances are that each student is being made to provide a guarantor.

So just as all the tenants/students are 'jointly and severally liable' for the full rent/damage etc, so all the guarantors/parents are 'jointly and severally liable' for the full rent/damage etc.

As to which individual parent gets chased (or whether they all get chased jointly) in the event of a default - it will be whichever is seen as the easiest.........


Of course, if each student has their own individual tenancy agreement (ie covering the room they occupy) then the guarantor would only be liable for that tenant's obligations.

DaftyDuck

Worth noting that the lettings agency that I use as a landlord refuses to allow the use of guarantors. It specialises in only student rentals, and has an excellent reputation with students, landlords, the colleges, and University.

It's the same agency I used thirty-five years ago as a student, and they were excellent then.

The other neighbouring agencies allow/encourage it. We have almost zero issues, they commonly do.

It's a slapdash solution to problems that shouldn't be allowed to develop.

oosterhuis

Many thanks for all your responses. I am hoping that I am guaranteeing my son only and that he has an individual tenancy agreement. I will be checking this. I know that there are issues with returning deposits so I will be asking him to video the apartment when they move in.

dimbo61

If this is a student property with 3/4/5/6 or even 10 students I would be very surprised if they offer Individual tenancies.
What happens when the 49" TV gets broken or patio doors get damaged during a party ! All the Individual tenants say " Nothing to do with me "
It will be a joint and several tenancy with ALL of the tenant's responsible for paying the rent and looking or Not looking after the property.
Would you give 4/5/6 young students a £350,000 HMO without taking out some Insurance ?
Every year thousands of parents are asked to be guarantors for there children at University.