Guarantor for student son renting with his mate
Discussion
I thought I'd post here for the widest experienced audience.
My 19 year old son currently rents a student apartment on his own. I'm guarantor. I have a law degree so I have a bit of an idea about this topic.
He's year two at university studying software engineering with a Tuition Fee Loan and a Maintenance Loan. He's also got a part time job and saves more than he spends each month.
He plans to rent a different apartment in the city in September with a friend. This will save him money if it goes to plan.
I know his friend, he's currently year one at university studying Fine Art and living at home in a village. The last I heard he doesn't have/never had a part time job due to where he lives (he says). I don't know his money situation and if he has plans to find a part time job when he moves to the city in September. I'll ask, for what its worth.
I've explained joint and several liability to my son as well what happens if his mate turns out to be a div and he needs to replace him as co-renter.
As guarantor for my son on the new place I'm exposed if his mate turns out to be a feckless div. I'll be exposed by around £300 per month more than I am now. If my son turns out to be a div I'm exposed to £1000 a month on his current place.
What, if anything, have others done in similar situations?
My 19 year old son currently rents a student apartment on his own. I'm guarantor. I have a law degree so I have a bit of an idea about this topic.
He's year two at university studying software engineering with a Tuition Fee Loan and a Maintenance Loan. He's also got a part time job and saves more than he spends each month.
He plans to rent a different apartment in the city in September with a friend. This will save him money if it goes to plan.
I know his friend, he's currently year one at university studying Fine Art and living at home in a village. The last I heard he doesn't have/never had a part time job due to where he lives (he says). I don't know his money situation and if he has plans to find a part time job when he moves to the city in September. I'll ask, for what its worth.
I've explained joint and several liability to my son as well what happens if his mate turns out to be a div and he needs to replace him as co-renter.
As guarantor for my son on the new place I'm exposed if his mate turns out to be a feckless div. I'll be exposed by around £300 per month more than I am now. If my son turns out to be a div I'm exposed to £1000 a month on his current place.
What, if anything, have others done in similar situations?
You will only be on the hook if firstly his friend doesn’t pay and then if your son doesn’t pay.
I made sure that I only guaranteed my own child’s share of the rent.
Other than that, he’s 19 and living away from home. It’s time for him to make his own mistakes and learn the consequences.
I made sure that I only guaranteed my own child’s share of the rent.
Other than that, he’s 19 and living away from home. It’s time for him to make his own mistakes and learn the consequences.
Edited by this is my username on Friday 7th February 19:03
I’d be inclined to either purchase somewhere and sublet it for the additional friend(s) -
Or rent outright and sub-let accordingly.
With either of the above I would also factor in a risk aspect to the sublet value.
Under a non-student let there will be minimal scope to guarantor only half/part of the lease so minimising your exposure will be limited.
Or rent outright and sub-let accordingly.
With either of the above I would also factor in a risk aspect to the sublet value.
Under a non-student let there will be minimal scope to guarantor only half/part of the lease so minimising your exposure will be limited.
Alorotom said:
I’d be inclined to either purchase somewhere and sublet it for the additional friend(s) -
Or rent outright and sub-let accordingly.
With either of the above I would also factor in a risk aspect to the sublet value.
Under a non-student let there will be minimal scope to guarantor only half/part of the lease so minimising your exposure will be limited.
I don’t want an illiquid asset, they may only be there for a year or two. Or rent outright and sub-let accordingly.
With either of the above I would also factor in a risk aspect to the sublet value.
Under a non-student let there will be minimal scope to guarantor only half/part of the lease so minimising your exposure will be limited.
If I rent outright and sublet I’ve got the admin hassle. As another poster said “they’re 19 and should be independent as much as possible”. I suppose I can’t have everything.
Exactly, this new place isn’t a student let.
Edited by CCCS on Friday 7th February 20:44
CCCS said:
I don’t want an illiquid asset, they’ll may only be there for a year or two.
If I rent outright and sublet I’ve got the admin hassle. As another poster said “they’re 19 and should be independent as much as possible”. I suppose I can’t have everything.
Exactly, this new place isn’t a student let.
Surely by accepting to students it's a student let?If I rent outright and sublet I’ve got the admin hassle. As another poster said “they’re 19 and should be independent as much as possible”. I suppose I can’t have everything.
Exactly, this new place isn’t a student let.
Post uni my son moved in with two of his mates and one couldn't get a guarantee, we agreed to stand for him. But we knew him well.
Our daughter rented with some others and this was a joint and several guarantee. I didn't really want to do this but I'm the end couldn't be arsed arguing so did it.
It's a crap system all round.
We had a similar situation.
My daughter spent her first year in a house share and come the end of the year, had tired a little of the 3am discos on a Wednesday. Buddied up with another girl and snagged a nice two-bed flat. About two weeks before they were due to move in, they found out that the other girl's parents were rejected as guarantors for her share of the rent. We agreed to cover the lot - mainly because our daughter would have had nowhere to live if we didn't.
To be honest, it wasn't a big decision. We'd met the other girl a few times. We liked her and judged her to be decent and trustworthy.
So it really boils down to your gut feel about this other lad. But at the end of the day, would you expect your lad to bail out over you having to fork out an extra £300 a month?
My daughter spent her first year in a house share and come the end of the year, had tired a little of the 3am discos on a Wednesday. Buddied up with another girl and snagged a nice two-bed flat. About two weeks before they were due to move in, they found out that the other girl's parents were rejected as guarantors for her share of the rent. We agreed to cover the lot - mainly because our daughter would have had nowhere to live if we didn't.
To be honest, it wasn't a big decision. We'd met the other girl a few times. We liked her and judged her to be decent and trustworthy.
So it really boils down to your gut feel about this other lad. But at the end of the day, would you expect your lad to bail out over you having to fork out an extra £300 a month?
TownIdiot said:
Surely by accepting to students it's a student let?
Post uni my son moved in with two of his mates and one couldn't get a guarantee, we agreed to stand for him. But we knew him well.
Our daughter rented with some others and this was a joint and several guarantee. I didn't really want to do this but I'm the end couldn't be arsed arguing so did it.
It's a crap system all round.
The new place isn’t a student let, anyone can rent it. Post uni my son moved in with two of his mates and one couldn't get a guarantee, we agreed to stand for him. But we knew him well.
Our daughter rented with some others and this was a joint and several guarantee. I didn't really want to do this but I'm the end couldn't be arsed arguing so did it.
It's a crap system all round.
CCCS said:
They’ve made a non-refundable £100 reservation payment as my son describes it. I’ve sent him an email outlining things to be aware of/obligations in the Tenancy Agreement. He’s calling me on Sunday before he does anything more.
Surprised at that given it's so far away and they are hardly prime tenants.If there isn't a provision for two guarantors then you could enter into an agreement with the person who would have guaranteed the friend.
Or suck it up.
TownIdiot said:
Surprised at that given it's so far away and they are hardly prime tenants.
If there isn't a provision for two guarantors then you could enter into an agreement with the person who would have guaranteed the friend.
Or suck it up.
So am I. I’m sure there are lots of other apartments in the city. Perhaps the agent just wants a show of commitment from two giddy teenagers. If there isn't a provision for two guarantors then you could enter into an agreement with the person who would have guaranteed the friend.
Or suck it up.
Before my initial post I’d told myself I’d be sucking it up. As I had hoped there’s been lots of useful advice from others prepared to share their experience.
My son works hard and seems responsible but it does feel like dealing with the CIA at times. It’s good that he asks someone about these types of matters which is out of character. I couch my replies as “information” rather then “advice” for him to act on as he decides. It’s a balance and as others have rightly pointed out “he’s an adult and should be independent with support if needed”.
Then again I wouldn’t have thought about asking my parents about things like this back then.
CCCS said:
So am I. I’m sure there are lots of other apartments in the city. Perhaps the agent just wants a show of commitment from two giddy teenagers.
Before my initial post I’d told myself I’d be sucking it up. As I had hoped there’s been lots of useful advice from others prepared to share their experience.
My son works hard and seems responsible but it does feel like dealing with the CIA at times. It’s good that he asks someone about these types of matters which is out of character. I couch my replies as “information” rather then “advice” for him to act on as he decides. It’s a balance and as others have rightly pointed out “he’s an adult and should be independent with support if needed”.
Then again I wouldn’t have thought about asking my parents about things like this back then.
Back in the day you rocked up with a deposit and a month's rent and you were in!Before my initial post I’d told myself I’d be sucking it up. As I had hoped there’s been lots of useful advice from others prepared to share their experience.
My son works hard and seems responsible but it does feel like dealing with the CIA at times. It’s good that he asks someone about these types of matters which is out of character. I couch my replies as “information” rather then “advice” for him to act on as he decides. It’s a balance and as others have rightly pointed out “he’s an adult and should be independent with support if needed”.
Then again I wouldn’t have thought about asking my parents about things like this back then.
Now it's a full financial grilling to rent a s
t hole above a shop.It seems things have changed since I went to Poly in the late 80s.
You paid up front, at the start of each term. That was true if you were in halls or private.
And if private and you wanted to stay in the same place the following year, you had to pay half rent over the summer. But you could stay if you wanted during the summer, you didn't then have to pay the full amount.
What I'm getting at is renting as a student had different terms to renting if you weren't.
This thread just made me think about living in my mouse and slug infested hovel !
You paid up front, at the start of each term. That was true if you were in halls or private.
And if private and you wanted to stay in the same place the following year, you had to pay half rent over the summer. But you could stay if you wanted during the summer, you didn't then have to pay the full amount.
What I'm getting at is renting as a student had different terms to renting if you weren't.
This thread just made me think about living in my mouse and slug infested hovel !
We went through this she. My son went to Uni and moved to private accommodation in the second year.
Felt a little exposed but we knew who he was sharing with and had met most of the parents. They all seemed fine with good jobs and nice cars which gave us confidence. As a group they were brilliant and we had no issues.
If it were to go wrong it wouldn’t be fun I suspect.
Felt a little exposed but we knew who he was sharing with and had met most of the parents. They all seemed fine with good jobs and nice cars which gave us confidence. As a group they were brilliant and we had no issues.
If it were to go wrong it wouldn’t be fun I suspect.
I seem to recall with my son when he was as university that I was a guarantor only for his share of the rent - it was something I looked out for when signing the forms. He shared with 4 others.
We did let a few properties go as one guarantor company wanted direct access to my bank account, something I didn't feel at all comfortable with - particularly having read some reviews on them.
We did let a few properties go as one guarantor company wanted direct access to my bank account, something I didn't feel at all comfortable with - particularly having read some reviews on them.
Imagine how the parents of kids living in houses of 8 or 9 feel about it;)
Have had no probs yet with my daughter's housemates, there are only 3 of them though.
Some.of her friends have had problems with a non-payer, and also one who disappeared as a result of MH problems. They all found replacement tenants pretty quickly, a week or two. Relatively modest additional cost per person to cover the unpaid rent. Obvs not ideal but in cash terms not a huge amount.
In the majority of British uni towns there is a real shortage of accommodation so finding someone to take a room at short notice is often less of a problem than you might think.
But in general I agree, it should be the norm to have one guarantor guaranteeing each tenant individually rather than joint and several liability for all.
Have had no probs yet with my daughter's housemates, there are only 3 of them though.
Some.of her friends have had problems with a non-payer, and also one who disappeared as a result of MH problems. They all found replacement tenants pretty quickly, a week or two. Relatively modest additional cost per person to cover the unpaid rent. Obvs not ideal but in cash terms not a huge amount.
In the majority of British uni towns there is a real shortage of accommodation so finding someone to take a room at short notice is often less of a problem than you might think.
But in general I agree, it should be the norm to have one guarantor guaranteeing each tenant individually rather than joint and several liability for all.
NDA said:
I seem to recall with my son when he was as university that I was a guarantor only for his share of the rent - it was something I looked out for when signing the forms. He shared with 4 others.
That’s the fundamental difference between student lets and “normal lets” though - the facilities, knowledge and contracts to enable such approaches. I know for all the properties I and my landlord friends have none of us utilise a student contract at all (that’s across c200 properties) - and would require one guarantor for the whole lease irrespective.
It’s going to boil down on comfort with the risk vs potential risk of cost … alternatively OP could you not explain the situation to the “friend” and see if they can pay a chunk upfront (6mths min) as this will lessen the exposure for you?
Gassing Station | The Lounge | Top of Page | What's New | My Stuff