Sons student rental - disaster pending

dimbo61

Never needed to use them !
We are accredited  Landlords who are members of NRLA and do everything possible Right.
Most students pay the rent each month or term 
Parents are sent the Tenancy Pack along with the Deed of Guarantor Form.
Includes the J and S tenancy agreement,  EPC band C, EICR, GSC, Pat Testing, HMO licence, 
Any repairs are sorted quickly and we look after our young tenants.
One Parent did once ask me are you really renting this house to 6 students 🤔 ?

silvercar

lika_86 said:

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.

The relevance is that dimbo is entrusting his £500k property to a bunch of people with no credit record. If their parents won’t guarantee their kids, then why should a stranger trust them. It maybe that a claim has never been made on the guarantees, but the fact they exist may well focus the mind of the students.

Martico

A big plus is that your son has secured accommodation for next year already. There's a shortage in many university towns, and he'll enjoy a much better life with accommodation secured

dimbo61

So be proactive. 
If its a 6 bed property  it must have a HMO licence 
Did the students find the property via a Lettings agency?
You can get the Tenancy agreement and  Deed of Guarantor form  checked by the University  Accomadation office ?
They have a redress scheme  if things go wrong ( did you know that )
Is the Landlord and the Lettings agent approved by the University  ?
When your Son moves in Take lots of photos and  ask your Son ( The tenant ) to report any and all problems in writing or email or both.
He should ask for a copy of the EICR 
There should be a copy of the Gas Safe Certificate on the boiler.
Have you checked the EPC of the property ?
You have the address 
Look for PAT stickers on the Electric appliances 
Is there a limit on the Gas and Electric use.
Are prepayment meters in the property 🤔 

[Deleted User]

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
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 

I can see your point of course. I have no problem guaranteeing anything for my son. I just find it a bit strange guaranteeing for some random teenager I've never met.

[Deleted User]

OK. Bit different than when I was a student 35 years ago it seems..... I remember then you paid you're own rent and thats all you were liable for. and there was no guarantor.

I can see its a nightmare. Looks like everything is totally normal. To be fair, he has looked into it etc.

Its Aberwystwyth. There was an option to stay in halls maybe but he didn't want to. Would have been easier.

He has Aspergers. Hes done amazingly well over the last few years and we're so proud of him, getting to college etc. Hes so good with organising things now I trust him BUT he doesn't see any negatives and sees the good in everyone.

We've already had to to remind him that his GF (whos one of the rental party) gets the same money as him (and she gets a loan not a grant!) so he shouldnt be bailing her out with money when shes spent all hers on clothes (yep I wasn't happy!)

I would act as HIS guarantor in a second. I trust him. Its just so strange guaranteeing basically £3000 a month for other kids as well.

Of course, theres the rent up front in the summer. My son yeh hes sorted it. He says his GF has but, honestly, I would actually put money on it myself that come July she won't. She'll be expecting someone to bail her out. (it wont be her parents for sure).
As I said, this is what she does.

Also, already I hear rumblings about her quitting college/them breaking up. Not great to be thinking like this, 2 weeks after signing a lease! Again, from past experience of what shes done (as you can see we're not fans!) she'd have no qualms about upping sticks moving back home and leaving everyone else to it. 

Certainly a minefield innit?

Sea_Shell

Out of interest...

Would any of you sign as guarantor for a Niece or Nephew's student accommodation?    Or would you only ever consider it for your own children?   What if you didn't have children of your own?

JReacher1

I would just sign the form.  This is very standard for university accommodation.  The risk is shared between six parents so worse case scenario can’t see the financial hit being much. Would also suggest if someone did drop out that persons guarantor would probably have to pick their rent up.

JReacher1

Sea_Shell said:

Out of interest...

Would any of you sign as guarantor for a Niece or Nephew's student accommodation?    Or would you only ever consider it for your own children?   What if you didn't have children of your own?

Would probably depend on personal situation. I don’t see it as being an issue. 

strawb_shortcake

I'm so glad my Son is able to and wants to stay in halls for his 3 years!