Sons student rental - disaster pending

LHW99

And while it may have been nice to have you on board before the agreement was signed, its likely he / they would have lost the house if there had been a delay in signing the tenancy.

Annisele

If your son has already signed the lease, and if the other parents have already signed up to be guarantors, then it's possible (unlikely, but possible) that nobody will chase you up if you were to just "forget" to sign. From the landlord's perspective, five guarantors for six students might be sufficient reassurance.

If you can't afford to be a guarantor, your son could pay somebody else to guarantee the contract for him. There are a bunch of products on the market for that.

But all of this is normal. It stinks - I think the student rental market in general stinks - but there's a good chance your son is actually making a sensible financial decision, in that the option he's chosen might be the least bad of a bunch of bad options.

lookstraightahead

It's normal. It's awful but it's normal. You just need to hope! 

bouicca21

When DD was at uni and went into a house share each was asked to find a guarantor for the whole rent.  Most of us signed thinking it was normal.  One had a parent who was in the property business.  He insisted that he would only guarantee his daughter’s share of the rent.  Landlord caved and agreed.

Fortunately all the girls were financially careful, and there was no comeback on any of the guarantors.  But I would think twice about signing such a guarantee again.

BTW they ignored my advice to take dated photos of the house when they took it over.  So they had no grounds to contest the loss of their deposit.  Shyster landlord.

eddddy

bouicca21 said:

When DD was at uni and went into a house share each was asked to find a guarantor for the whole rent.  Most of us signed thinking it was normal.  One had a parent who was in the property business.  He insisted that he would only guarantee his daughter’s share of the rent.  Landlord caved and agreed.

I've heard a few people say that, as long as, say, 5 out of 6 tenants' parents sign-up as guarantors - the landlord isn't too bothered about arguing with the 6th about the terms.

I've even heard of situations were the 6th parent kicks up such a fuss - that the landlord gives up, and just accepts 5 guarantors.

But obviously, that will only work if you're the only parent that's making a fuss.

Olinda99

you need to understand what you are signing guarantor for.

Rent (all of it) - yes, obviously

Rebuild if the house burns down? Repairs, redecoration if a party goes wrong ? What house insurance is in place - does it cover student lets (HMO). Being a guarantor is a minefield.


https://www.lettingagenttoday.co.uk/417-legal-alert-over-student-tenancy-liability

400ixl

Keep_pedalling said:

You say that they have chosen to rent a house, but in most universities students don’t get a choice as HoR are for 1st year students only.

Every one of the Uni's we visited this was not the case and all students could apply to stay in halls. Guarantees were only given to 1st years but many had enough for all who wanted it. Our daughter is likely to stay where she is for year 2, but can choose to do it through the Uni or through the owner as it is one of the bigger complexes that the uni leases so many flats from.

Best to not just assume its the case they can't be in halls for later years and to check.

dimbo61

Every year I hand the keys to our £500,000 student HMO to a group of six 19/20 year old students. 
I have to pay for a HMO licence which has increased by 40% this year.
I have to make sure it's safe for my tenants Gas Safe Certificate,  EICR. PAT testing, Fire safety inspection and report, Video inventory.
I provide an Alarm system which my tenants never turn on.
I have installed CCTV to deter  thieves.
I have mains wired smoke alarms which my tenants cover with shower  caps so they can smoke cigarettes or Vap, or laughing gas canisters etc
Yes student landlords ask for Parent Guarantors because students have No credit history !
Yes we have Joint and Sereval Tenancies otherwise student cause damage and deny all responsibility.
There is a massive shortage of Student accommodation in many big cities and its worse in Scotland 
So if you don't want your sensible son to have a student home next year Refuse to complete a Deed of Guarantor form.
PS in 12 years of renting to students we have never involved a Parent in any Rent issues.
Students get loans  which are paid in 3 instalments 

user1977

dimbo61 said:

Yes student landlords ask for Parent Guarantors because students have No credit history !

PS in 12 years of renting to students we have never involved a Parent in any Rent issues.

Which suggests the guarantees aren't really of all that much value?

lika_86

dimbo61 said:

Every year I hand the keys to our £500,000 student HMO to a group of six 19/20 year old students. 
I have to pay for a HMO licence which has increased by 40% this year.
I have to make sure it's safe for my tenants Gas Safe Certificate,  EICR. PAT testing, Fire safety inspection and report, Video inventory.
I provide an Alarm system which my tenants never turn on.
I have installed CCTV to deter  thieves.
I have mains wired smoke alarms which my tenants cover with shower  caps so they can smoke cigarettes or Vap, or laughing gas canisters etc

The relevance of all of this to the OP's post is? Most of these are just your legal obligations.