Son asking me to be a guarantor on a house share with 3 others - I'd be responsible for all rent if it went terribly wrong. would you sign?

[Ashleys63]

I don't want my son to lose the house but I'm really not sure. I wouldn't have the money to cover anyone else's part of the rent so would they take me to court etc?
My son assures me his mates are all wonderful and would never not pay their part of the rent but how does he know - anything can happen.

what would you do? I don't want to fall out with him over this .

@bigbird1969

So your being asked to be the guarantor fot your son. The other flat mates have there own.

I am a guarantor for my DS and his two flat mates have there own. Within the form you sign it is clear it relates to your DS part of the monthly rent. Not the others. i think you have got confused. Re read the paper work and speak to the landlord/estate agents to be clear what your agreeing to

You do realise that "his share" if the tenancy is a joint and serval liability tenancy (which is the most usual form of tenancy) is the whole of the rent. All 3 of them would responsible for all the rent. Thus even if there are other renters and other guarantors the landlord is able to pursue you for all the rent.

We were asked to be guarantor for or DS in similar circumstances, where other parents had signed up. We knew due to our professions at the time we would be the one pursued if anyone failed to pay. Oncew we explained the situation to DS he explained to housemates who also did not understand this neither did their parents. Fortunately in their student town (Lancaster) there were plenty of properties where the Landlord did not require guarantors.

Why should the landlord take the risk if the student's guarantor is unwilling

You are joking. Why should the student's guarantor be liable for 4 or 5 peoples' rent? You're the one in business, the risk should be yours and landlords can insure against unpaid rent.

I am constantly amazed that landlords think that tenants owe them a living.

DS can live at home if landlords have this attitude. I am not bailing out a landlord who clearly has much more money than me if they can afford all these HMOs.

I think many parents may not understand that yes it’s their DC rent they are guaranteeing but under a joint and several tenancy “rent” is for the whole property so if one student doesn’t pay, the others are liable for it and therefore the guarantor potentially is. Contacting the agent to discuss normally provides an alternative, either limitation clause or paying some rent in advance and no guarantee.

No!!!

Not in a million years.

SeasonFinale I am aware of the additonal liability clause. However I know my DS flat mates and there parents who are guarantors. I am not concerned and certainly wouldnt have agreed if I did not know who he was sharing with and or there parents.

No ! Been there with a relative. Cost me thousands. Cleaning fees, non payment of rent etc . You are literally signing to say you will take legal responsibility for the tenancy. Any damage, any fees, any non payment of rent. I would do it for a single older relative etc but not for a joint tenancy. Far too risky

This is very common. I refused so I pay the rent and their father guarantees it so so far with five children it has cost me a small fortune and him not a penny.....
I had a client who paid his child's whole year's rent up front to avoid any guarantee which sounded like a good idea.

Most of my children have shared with children whose parents work and are fairly well off though so in that situation the risk in non covid 19 times anyway is less.

They should do some sort of creditworthiness assessment of you.

If you are happy to guarantee your son's part of the rent, I would ask to see the contract and confirm in writing exactly what you will be responsible for

@bigbird1969

SeasonFinale I am aware of the additonal liability clause. However I know my DS flat mates and there parents who are guarantors. I am not concerned and certainly wouldnt have agreed if I did not know who he was sharing with and or there parents.

When they sign up for a house with friends it is all happy and hunky dory ---- until one decides to drop out and stops paying rent, until one moves in with a girlfriend and decides to stop paying, until the one who uses their maintenance loan to live on and their parent who pays their rent loses their job, until (insert other reason why it does go wrong). Unfortunately as much as you believe you know them you really don't. As another poster has said they even had problems with family members.

No, not unless I could comfortably afford to cover it. Most people wouldn't deliberately let you or their friends down but as you say, anything can happen and they may not have a choice.

Nope. Not a chance I'd ever be guarantor for anyone other than my DC. If that means they get a studio flat by themselves rather than a houseshare then so be it.

Given the additional information, yes I’d do it.

You’d only have to pay the whole lot if ALL the boys and ALL their guarantors don’t pay. Very unlikely. Also not likely that one boy and one guarantor and your son (the first case scenario in which you may potentially become liable) all can’t pay.

The most likely scenario is that one student doesn't get on with the others in the house & decides to move out, knowing that the others have to pay if he or his guarantor refuses. DD had someone move out, fortunately she carried on paying her rent.

Yes, did it several times for both DC.
They were with friends, I accept it's a risk but I took it and all was well.

Nope! Every house my two dc have lived in at uni has had contracts/guarantors for each individual student. No way would I risk it, especially as things stand at the moment.

Have been in this position and refused to sign, but suggested son offer to pay more of the rent upfront instead of providing a parental guarantee. The landlord accepted this.

I suspect that there are lots of parents who don't realise that when they guarantee "only" their own child's liabilities they are in fact potentially liable for all the tenants' rent because their child's liability under the tenancy is joint and several.

Unless you can take the words "joint and" out of the joint and several liability clause, you're potentially underwriting everyone. If all the other parents will act as guarantor and are solvent then the LL might go for that. If any of the other parents won't/can't then you really are the front line for their child's potential liabilities.

If the guarantee needs to be called on, the LL won't necessarily chase the wealthiest -
just the one who is most likely to pay!

I'm a guarantor on my son's rental, as are the other 5 parents. 3 students, including my son, have stayed in the property, while 3 have stayed home. Rent has been paid & 1 final term to go. I spoke with student services & the woman I chatted with said in her 4 years there, she'd never had a default on rent requiring guarantors paying.

Thought I'd add, most student rentals in private houses need a guarantor. Only way to avoid it is for them to live in halls. The student loan gets paid at the beginning of term & my son has been the lead renter. He's highly organised so that has helped

I would do it and have done it. You are jointly and severally liable. That means that first they come after the students. If they don't pay, they come after the guarantors - all the parents. And if some of the parents also don't pay then the ones who will get shafted with the others' bill. The chance of this is tiny. But if you prefer not to, your son can offer to pay the entire amount up front for his portion of the annual rent - taken directly from his student loan, and then he won't need a guarantor.

Skipped much of thread : is this joint and several liability? 99.9% of student houses do this.

We had a nightmare last year when a housemate pulled out and had anxiety for weeks whilst they tried to find an replacement. To be fair the agent was helpful. They were clear that they chased the girl first (who was not replying to calls!), then her guarantor (also not replying!), then the guarantors of the other three students.

It got sorted in the end but was not a good situation.

I can't see a way of avoiding it, though other than back to Halls.

MN legal board were really helpful OP.

Yes just about every student house in the land requires this and students are fighting tooth and nail to secure these properties (in non covid times) so not a chance you can resist . All of my 5 chdlren in years 2 - 3 at all universities have been forced to give these full guarantees not just for them but the whole house of often nine students - £38k a year on one house I think last year (as I said their father guaranteed and I paid my son's rent). Just about all my sons' friends' parents were quite well off however so for many the risk is pretty low. Even so I have refused to be a guarantor.

Oh and the parents are often subject to landlord checks. Last summer my son's father had to write to three employers in the summer to get references etc just for the guarantee and send pay slips and all sorts. (My son was having to do it last minute in July as their gap year abroad had to be given up and he was rushing to find somewhere late in the day)