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Rental guarantor forms
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Author:  mike1880 [ Wed Jan 30, 2019 10:18 pm ]
Post subject:  Rental guarantor forms

It seems to be pretty much essential for parents to guarantee offspring's tenancies, can anyone advise what's "normal" in terms of liabilities? Daughter has sent me a couple this week, following is an extract:

Quote:
We, the guarantors and our Executors or representatives jointly and severally (“the Guarantors”) accept to cover any default in payment of rent or any other cost demanded by the landlord, his Executors or representatives (“the Landlord”) in the event of the tenant failing in his/her duty within the obligations of the lease.
2. A statement of the sum or sums in default will be provided by the landlord (with receipts if appropriate) with payment due by the Guarantors within 7 days of demand.
3. The landlord remains entitled to enforce this guarantee regardless of any other remedies available to the landlord against the Tenant or any third party through court proceedings or otherwise under the lease or at common law or by statute during the period of this guarantee.
4. We, the guarantors, also undertake to pay the landlord on demand all reasonable legal, professional and other costs and expenses in full, incurred by the landlord in the enforcement of the lease and this guarantee.


Opinions anyone?

Author:  MrsChubbs [ Thu Jan 31, 2019 7:13 am ]
Post subject:  Re: Rental guarantor forms

Yes scary stuff isn’t it!
Pretty standard wording from what I have seen. We have found that the Uni accommodation services offer lots of advice for private renting. They usually have a list of “reputable” landlords and agents, sometimes even a list of landlords they have vetted. Suggest she and her group ask around other students too because the agents/landlords who are unreliable and who hold onto deposits or charge lots of hidden charges get a reputation.
DS guarantor forms have always stated a number for the total amount of rent that you are liable for (usually the rent for a whole year) on the guarantor agreement rather than a general statement of “you are liable for the full rent for the period of rental”.
Make sure that the landlord returns the deposits to each individual renter in the group at the end. Last year my DS landlord returned it as a lump sum to one of the group (there were 9 of them who had each paid £300!). Could have been awkward if they had decided to hold on to it!

Author:  Justinterested [ Thu Jan 31, 2019 7:44 am ]
Post subject:  Re: Rental guarantor forms

The bit to be wary of is the jointly and severally bit . I understand this means that they are each individually responsible for the entire rent if others fail to pay .We did not want to expose ourselves to this risk and so we paid the annual rent for our daughter in advance and didnt sign the contract. Landlord seemed happy and we didnt carry a risk .

Author:  mitasol [ Thu Jan 31, 2019 7:54 am ]
Post subject:  Re: Rental guarantor forms

Sorry if I’m stating the obvious but if you are acting as a guarantor on a jointly and severally basis then you are not just acting as a guarantor for your dd liabilities. You are accepting responsibility for any liabilities for the whole property/rent.

I’d be much happier signing up as guarantor for an individual tenancy in a shared house, that limited my liability to my offspring.

https://www.which.co.uk/consumer-rights ... ave-to-pay

Universities usually have a service where they check rental agreements for students.

Edit to add - I see justintersted has made the same point

Author:  scary mum [ Thu Jan 31, 2019 8:06 am ]
Post subject:  Re: Rental guarantor forms

Yes, DD's were jointly & severally. It made me very uncomfortable but of course when they are eager to sign up with friends it is very hard. One of her housemates moved out but fortunately carried on paying the rent.
DS's contract specifically states that we are only liable for his rent. We were very relieved!

Author:  russet [ Thu Jan 31, 2019 8:47 am ]
Post subject:  Re: Rental guarantor forms

You need to make sure their deposit is protected by being lodged correctly. They should be given the relevant paperwork for this within 30 days. Any dispute of paying the deposit back can then be decided independently and free of charge.
There are still landlords who think they do not have to do this.

Author:  mike1880 [ Thu Jan 31, 2019 5:21 pm ]
Post subject:  Re: Rental guarantor forms

Unfortunately the first one I read was extremely narrowly defined in terms of liabilities (appears to be individual tenancies, only liable for daughter's misdeeds), so that made everything else seem that much more horrifying. The letting company for the one I chose to quote has signed up to the uni's code of conduct, whatever significance that holds. I've told her to ask around re: reputation (including uni accomodation team).

Unfortunately it's a small tourist town with a large university so in the end it will be a matter of what she and her friends can get, not what I'd prefer, and the rents are pretty eye watering. On the bright side the properties tend to be small, which I hope would reduce the chances of someone bailing halfway through the year.

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