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Joint Tenancy - Joint and Several Liability for Guarantors

2

Comments

  • Comms69
    Comms69 Posts: 14,229 Forumite
    10,000 Posts Third Anniversary Name Dropper
    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
    inspectorperez Posts: 901 Forumite
    Fifth Anniversary 500 Posts Name Dropper
    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
    Comms69 Posts: 14,229 Forumite
    10,000 Posts Third Anniversary Name Dropper
    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
    inspectorperez Posts: 901 Forumite
    Fifth Anniversary 500 Posts Name Dropper
    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
    Comms69 Posts: 14,229 Forumite
    10,000 Posts Third Anniversary Name Dropper
    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
    macman Posts: 53,129 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    Why does a salaried NHS doctor need to provide a guarantor, unless his credit record is shot to pieces?
    No free lunch, and no free laptop ;)
  • inspectorperez
    inspectorperez Posts: 901 Forumite
    Fifth Anniversary 500 Posts Name Dropper
    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
    inspectorperez Posts: 901 Forumite
    Fifth Anniversary 500 Posts Name Dropper
    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
    davidmcn Posts: 23,596 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    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
    macman Posts: 53,129 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    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.
    No free lunch, and no free laptop ;)
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