Joint Tenancy - Joint and Several Liability for Guarantors

Comms69

inspectorperez said:

sajaan_12 and princeofpounds - thank you both. I think you have clarified things admirably for me.

It has been really refreshing to receive such helpful advice!

I would add that the 4 tenants are all doctors working on the NHS frontline and you might guess that they don't have a lot of time for this sort of thing!

That begs the question of why do they need a guarantor, they're joint income will be 6 figures

inspectorperez

For anyone who is interested in this topic, I have found an insurance product with "Only My Share" which covers the joint and several liability issue which I was posting about. Annual premium is £99 which on the face of it soesn't sound bad at all. I'm waiting for sight of a policy document template, but if anyone else has experience of this company or this form of cover, I would be interested to hear observations. The cover is unpaid rent only and does not cover property damage. I believe there is a cap of £10,000.

Comms69

inspectorperez said:

For anyone who is interested in this topic, I have found an insurance product with "Only My Share" which covers the joint and several liability issue which I was posting about. Annual premium is £99 which on the face of it soesn't sound bad at all. I'm waiting for sight of a policy document template, but if anyone else has experience of this company or this form of cover, I would be interested to hear observations. The cover is unpaid rent only and does not cover property damage. I believe there is a cap of £10,000.

https://beta.companieshouse.gov.uk/company/10005047/filing-history

They were almost struck off and how no capital. - always do your due diligence  

inspectorperez

Comms69 said:

inspectorperez said:

For anyone who is interested in this topic, I have found an insurance product with "Only My Share" which covers the joint and several liability issue which I was posting about. Annual premium is £99 which on the face of it soesn't sound bad at all. I'm waiting for sight of a policy document template, but if anyone else has experience of this company or this form of cover, I would be interested to hear observations. The cover is unpaid rent only and does not cover property damage. I believe there is a cap of £10,000.

https://beta.companieshouse.gov.uk/company/10005047/filing-history

They were almost struck off and how no capital. - always do your due diligence  

Only My Share is the trading name and nothing whatsoever to do with the limited company you refer to. That is what my due diligence has discovered

Comms69

inspectorperez said:

Comms69 said:

inspectorperez said:

For anyone who is interested in this topic, I have found an insurance product with "Only My Share" which covers the joint and several liability issue which I was posting about. Annual premium is £99 which on the face of it soesn't sound bad at all. I'm waiting for sight of a policy document template, but if anyone else has experience of this company or this form of cover, I would be interested to hear observations. The cover is unpaid rent only and does not cover property damage. I believe there is a cap of £10,000.

https://beta.companieshouse.gov.uk/company/10005047/filing-history

They were almost struck off and how no capital. - always do your due diligence  

Only My Share is the trading name and nothing whatsoever to do with the limited company you refer to. That is what my due diligence has discovered

This Guarantee is provided by Only My Share Ltd.
Registered in England No. 10005047. 7 Henrietta Street, Covent Garden, London, WC2E 8PS.
Every guarantee that we issue is insured by A rated UK insurers via Gauntlet Sphere.

Onlymyshare is a trading name of Sphere Commercial Solutions Limited which is an appointed representative of Gauntlet Risk Management Ltd.

www.onlymyshare.com

... try harder...

macman

Why does a salaried NHS doctor need to provide a guarantor, unless his credit record is shot to pieces?

inspectorperez

macman said:

Why does a salaried NHS doctor need to provide a guarantor, unless his credit record is shot to pieces?

 "This is the common practice in letting industry when letting the houses to students and young professionals"

Quote from agent. All 4 co tenants are doctors would you believe!

inspectorperez

Comms69 said:

inspectorperez said:

Comms69 said:

inspectorperez said:

For anyone who is interested in this topic, I have found an insurance product with "Only My Share" which covers the joint and several liability issue which I was posting about. Annual premium is £99 which on the face of it soesn't sound bad at all. I'm waiting for sight of a policy document template, but if anyone else has experience of this company or this form of cover, I would be interested to hear observations. The cover is unpaid rent only and does not cover property damage. I believe there is a cap of £10,000.

https://beta.companieshouse.gov.uk/company/10005047/filing-history

They were almost struck off and how no capital. - always do your due diligence  

Only My Share is the trading name and nothing whatsoever to do with the limited company you refer to. That is what my due diligence has discovered

This Guarantee is provided by Only My Share Ltd.
Registered in England No. 10005047. 7 Henrietta Street, Covent Garden, London, WC2E 8PS.
Every guarantee that we issue is insured by A rated UK insurers via Gauntlet Sphere.

Onlymyshare is a trading name of Sphere Commercial Solutions Limited which is an appointed representative of Gauntlet Risk Management Ltd.

www.onlymyshare.com

... try harder...

You appear to be a bit of a wind up merchant!

davidmcn

inspectorperez said:

macman said:

Why does a salaried NHS doctor need to provide a guarantor, unless his credit record is shot to pieces?

"This is the common practice in letting industry when letting the houses to students and young professionals"

Quote from agent. All 4 co tenants are doctors would you believe!

Even if it is a common practice, it's an utterly absurd one where they've already got joint and several liability from four professionals on relatively high salaries.

macman

So all 4 are adult professionals with secure and highly paid jobs? So I'd be asking the agent and their LL why a guarantor is required. Unless, as I said, they have poor credit history.
At what age can an 'adult professional' expect not to have to ask mum and dad to sign what is in effect a blank cheque? They could probably get a mortgage without this absurd rigmarole.