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Student Rental Guarantee


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Hi,

Not sure which forum would be better, this one or Students forum. Can I post it in both?

 

Need some advice please.

 

Has anyone had recent experience with signing a 'Deed of Guarantee' for a son/daughter who is proposing to rent a house with other students whilst at University?

 

I am more that happy to guarantee my offspring but the guarantee states

'The Tenant' - being my offspring and 4 others. The 4 others may be fine and there could never be a problem, but you never know. Circumstances change and it's a huge amount of rent where they are.

 

Having spoken to the agent, they advise that this is standard practice for their agency, which implies (to me) that it isn't totally necessary.

 

Any assistance/advice greatly appreciated.

 

D50

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Glad you raise this before signing.

 

There is no way you should be asked to guarantee the liabilities of people you do not know. Refuse point blank, telling the agent that it may be his standard practice, but it is not yours. Get the form of guarantee vetted by a lawyer before you sign it, or post it here for comments.

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  • 1 month later...

Well, Aequitas I thought this was all sorted with a revised individual guarantee for each parent to sign for their son/daughter.

 

Keys obtained and now kids in process of moving in.

 

Loads of post reveals landlord has severe mortgage arrears and court hearing due towards the end of this month!

 

I am so annoyed with myself for not considering this scenario.

 

Landlord has been contacted and advised that it was being sorted but the solicitors dealing for the lenders advise that as of today the hearing is still to proceed!

 

The agent has also been contacted and questioned about the fact that whilst we as the guarantors were checked out, why wasn't the landlord!

 

Any advice appreciated.

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