Guarantor Terms and Conditions

1. Introduction

This document outlines the terms and conditions for anyone acting as a guarantor for a student tenant with Student Housing. By signing as a guarantor, you're agreeing to take on certain financial responsibilities if the student you're supporting doesn't meet their obligations.

2. What Does Being a Guarantor Mean?

As a guarantor, you're agreeing to cover the financial obligations of a specific student tenant if they fail to do so. This primarily includes their portion of the rent, but can also extend to costs for damages beyond normal wear and tear, unpaid utility bills, and other charges related to their tenancy.

3. Your Financial Responsibility

In shared student houses, we operate with a "suggested rent" system. This means that while all tenants are jointly responsible for the total rent, as a guarantor, you're only responsible for covering the specific portion assigned to the student you're guaranteeing.

For example, in a 4-bedroom house with total rent of £1,600 per month, each tenant's suggested rent would be £400. As a guarantor, your maximum liability would be limited to this £400 portion (plus any related charges attributable to your specific tenant).

4. Duration of Your Guarantee

Your guarantee covers the initial fixed-term tenancy (typically 12 months) and continues if the tenancy is extended or renewed. If the tenancy becomes periodic (month-to-month), you can end your guarantee by giving two months' written notice, but only after the student has moved out.

5. When We Might Contact You

We'll only contact you if the student fails to meet their financial obligations. If this happens, we'll send you a written demand for payment, and you'll have 7 days to make the payment.

6. Changes to the Tenancy

If there are minor changes to the tenancy agreement, your guarantee will still apply. For significant changes that could increase your financial liability, we'll seek your written consent first.

7. What Happens If You Don't Pay?

If you don't pay within the specified timeframe, we may charge interest on the overdue amount (at 3% above the Bank of England base rate) and take legal action to recover the debt. You would also be responsible for any reasonable legal costs incurred in this process.

8. If Something Happens to You

In the unfortunate event of your death, your estate would remain liable for any obligations under this guarantee. We recommend informing your family or executors about this responsibility.

9. Getting Legal Advice

We strongly recommend that you seek independent legal advice before signing as a guarantor. This ensures you fully understand the potential financial implications of your commitment.

10. Frequently Asked Questions

11. Need More Information?

If you have any questions about being a guarantor, please don't hesitate to contact our team. We're here to help make the process as clear and straightforward as possible.