X

Sign Up

or

By signing up I agree to Property Tribes Terms and Conditions


Already a PT member? Log In

Sign Up

Sign Up With Facebook, Twitter, or Google

or


By signing up, I agree to Property Tribes Terms and Conditions


Already a PT member? Log In

Log In

or


Don't have an account? Sign Up

Forgot Password

To reset your password just enter the email address you registered with and we'll send you a link to access a new password.


Already a PT member? Log In

Don't have an account? Sign Up

  • Student Accommodation

    Student referencing - how to undertake it?

    When dealing with student rentals, what measures or steps do you take for referencing?

    I'm looking to let to 3 students on 1 AST.

    Is there much point credit checking them, when they will need guarantors anyway?
    Is 1 guarantor sufficient for all of them or a guarantor for each?
    Considering i need to pay for the credit checks now, my thought was to pay for each guarantor and not the students.

    I personally don't want to be chasing individual tenants for their share of the rent and as such advise that 1 tenant is nominated and they pay to them, who then pay me.

    I know the students are dependant on student finance and that itself is reassuring as it's quite sizeable.

    Any thoughts would be appreciated thanks.

    0
    0
    We credit check all guarantors and then make them joint and severely liable.
    2
    0

    So the guarantors are joint and several? Does this ever raise any eyebrows from the tenants?


    0
    0
    I've not had anyone change there mind and not take a property. 
    Your in a much better position and it encourages a joint responsibility for looking after the property.
    0
    0

    Thanks for the reply.

    Do you ever use Rent Guarantee Products in conjunction?


    0
    0
    I haven't done so far but am looking into it at the moment for the next intake of students.
    I have been led to believe that if they don't pass a credit check then they wont get the insurance anyway. 

    So far a parental ( or other creditworthy individuals ) guarantee has proved the best option. 

    I have had a guarantor refuse to pay up but it was covered under the joint and severely liability. 

    So long as you make it clear from the start it's fine.
    0
    0

    Is there a recommended joint and several guarantor form. RLA have something called "Deed of Guarantee - Unlimited" however it's a very cumbersome document.

    Would the tenancy then have each tenants name and below this, the relevant guarantor? 

    Thank you

    0
    0
    My Agent deals with all this for me,
    I would say though if you don't do it correctly or use the right paperwork you could find it's unenforceable so very expensive in the long term.
    1
    0

    Was the non payer Guarantor because it was not their kid who failed to pay rent share?

    Assume you insist on home owners?

    0
    0

    No parent in  their right mind would g'tee the full rent  only the amount  for their child. Unless you get lucky with some idiot.  Don't forget g'tees are not worth anything unless they are drawn up properly and confirmation of independent legal advice is taken. Otherwise the question of undue influence comes into question. You want g'tees so be prepared to answer their questions as it works both ways. ex Confirmation you own the property, if its under mortgage are payments up the date and have any payments been missed. Are you fully compliant with renting regulations and licenced by local council if required.

    0
    0