Are you going to be living in student accommodation in Brighton? You will find that most letting agents need a guarantor nowadays to guarantee your rent in the event you don’t pay this.
We outline some details of what this means for you.
What is a guarantor?
This is someone who will pay your rent if you are unable to do so. If there is a default on your payments i.e. which means that you cannot make payment, then the guarantor must cover your rent arrears. This is a rule by Harringtons Lettings. But you will find almost every letting agent in Brighton now does this.
It is common practice to provide a guarantor when renting a room on a property in the United Kingdom. But the difficulty providing a guarantor often comes from the requirements.
Guarantors for Harringtons Lettings will need to be a homeowner in the United Kingdom and we will come on to this.
Guarantors are often parents aged between 18 and 75, a UK homeowner and prove that they can pay the monthly rent and have a good credit history.
This provides your future landlord with the security to ensure that your rent will be paid on time and in full. Furthermore, a guarantor will cover the other costs incurred detailed in your tenancy agreement. Including any damages costing more than the deposit. There are alternative to a guarantor and we will come on to this.
Who can be a guarantor?
Harringtons Lettings need a guarantor to be a United Kingdom homeowner. That is a person that owns a home in the United Kingdom. To define the United Kingdom this does not include Jersey, Guernsey or Northern Ireland. These would have to be agreed with your landlord in advance.
They would then be contacted by yourself and he agrees to sign a guarantor to pay the rent for the property. You need to understand that most contracts are on a joint and several liability basis.
What does this mean? Unless you are renting a room, all guarantors and tenants sign the documentation on a joint and several basis. This is quite typical and it means that they are responsible for the whole rent in the property. Not just one single student. It also means that the students themselves are not only liable for their rent but for everybody’s share in the house. It is important that you understand this. If for any reason one tenant wasn’t able to pay their rent, then the other tenants and guarantors may have to pay for it.
But we now team up with a company that can offer guarantors an insurance policy in the event that this situation occurs. They are Guarantor Insure.
The guarantor will then need to fill in an application form and will have to sign a guarantee confirming they will stand as a guarantor.
Why does my guarantor have to be a homeowner?
The reason that your guarantor must be a homeowner is that in the event of a default the landlord can recover the rent or damages from the guarantor. If they own a home, then it is more than likely that they would pay any costs that may be liable.
How do I get a guarantor? One of the easier people is usually your parents but you could aslo ask a member of your family or even a friend. You may find that they will be able to and be happy to guarantee this for you. As stated above we do have an Insurance company who will be able to cover them in this regard.
Can I get a house/room without a guarantor?
No, unfortunately we do not accept tenants without a guarantor. We understand that almost every landlord in Brighton and Hove will ask for some form of guarantee from a third party. It is thus always important that you check that you have a guarantor before you start looking.
Are there any other options apart from an individual to be a guarantor?
We accept (subject to you rent a house not a room) a company called Housing Hand at www.housinghand.co.uk Telephone number 0207-2052625. They are a third party and will be able to help you with respect to the guarantor.
What are the benefits of using Housing Hand Guarantor services?
If you do not have a guarantor then they will be able to supply one for you. It will allow you to still be able to take part in a group that want to take a property.
What if my guarantor is not a homeowner?
We wouldn’t be able to take your guarantor unless they are a UK homeowner, so it is best that you check with them first to ensure that they are able to do this.
My guarantor doesn’t like the tenancy agreement or guarantee agreement will you change this?
No, unfortunately we would not change the documentation that has been provided. This has been approved by Trading Standards and as such we would not be prepared to change this. It has been in place for many years and we have used it for hundreds of thousands of students.
Do you take references from my guarantor?
No, we don’t need references. But we do need then to fill out an application form. This will detail all the income to make sure that they are suitable for this position for Harringtons.
Do you take references and credit checks for student tenants?
No, we do not take references for students. Most students aren’t able to actually even provide a reference or a credit check and, in any event, we would not take you unless you had a guarantor. It is thus important that you are aware of what the criteria is before you start looking at our properties.
Can I pay my rent up front even if I have a guarantor?
Yes, of course, you can pay your rent up front for the whole of the term before you move in if you wish to do so. It is totally a matter for you and/or your guarantor if they wish to do this.
I want to take a property on my own, don’t have a guarantor but I am prepared to pay the rent in advance can I do this?
Yes, we are more than happy to accept you if you wish to pay your full rent up front.
If you have any queries in relation to the above, then please do not hesitate to contact us. We would be more than happy to speak with you and go through it with you. Obviously, we are trying to ensure that you can proceed to let a property through us before you start.
Please refer to our Student Lettings Information article for more general information (click here).