Parents and Guarantor Letting Guide
Students renting accommodation in Southampton usually lack the credit history and financial security required to reassure landlords. Should they run off without paying their rent or worse damage the property more than the value of the deposit then they cannot financially compensate the landlord even if legal proceedings are taken. Therefore, it is standard practise throughout the UK to ask parents or guardians to guarantee (go guarantor for) their children’s tenancy.
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What is a Guarantor?
A guarantor is someone, usually a parent or guardian, who is responsible for a tenant’s rental payments.
Should the rent not be paid, or if the tenant causes damage to the property beyond the value of the deposit held, the guarantor is responsible.
Student tenants need to have a UK guarantor who meets certain minimum financial criteria, unless the rent is paid in full before the start of the tenancy.
Each tenant needs their own guarantor, rather than one guarantor per house.
A guarantor needs to complete an application form and will also need to be credit referenced, before signing an under-taking to be legally responsible for any non-payment of rents or damages that the tenant may incur.
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How the Student Rental Works with Parents and Guarantors
After a £200 holding deposit has been paid by the student or the parent, the prospective tenant has 10 days to complete all the paperwork and pay the remainder of the deposit and fee.
The paperwork includes a:
- Tenancy contract
- Guarantor form (usually completed by the student’s parents)
- Standing order form, to ensure monthly rental payments will be easily collected from the student’s (or parent’s) bank account and reducing the risk of missed payments, owing to study pressures or other distractions.
For more information about why a parent or guarantor is needed or about what is involved to become a parent guarantor please call our friendly team today on 023 8058 6838.