The student I am guaranteeing has a joint tenancy. Am I guaranteeing the whole amount of rent for the whole property?
No. You are only the guarantor for the named person on the deed of guarantee and their portion of the rent. This amount is further clarified in their payment plan.
What happens if the student I am guaranteeing has issues with their student loan and it is late?
They must contact Condor Properties immediately to discuss. A date the loan is due needs to be provided as well as proof from Student Loans Company that the loan is due and in process. If very late they may be asked to make a payment before the loan arrives – this is decided on a case by case basis.
What is a guarantor & why do tenants need one?
Students are not in full time employment and without a student loan, most would struggle to pay rent. As such we need someone in full time employment to guarantee the rent and pay it in case the student cannot.
What happens if the student I am guaranteeing doesn’t pay their rent?
Condor Properties will discuss the matter directly with the student. An acceptable payment plan will need to be agreed. If this doesn’t happen then the guarantor will be contacted in order to pay the rent. The Deed of Guarantee is a legally binding document so the guarantor must organise payment.
What happens if the student I am guaranteeing no longer wants to live at the property / drops out of university?
The student has signed an Assured Shorthold Tenancy Agreement. This is a legally binding document with a fixed term of between 48 – 52 weeks (depending on the city). As such they are legally bound to pay all rent due during this time regardless of their student status. As guarantor, you will also be responsible for this. However, the student may replace themselves in the tenancy, absolving them of future payments. Please contact Condor Properties for further information on this
What happens if the student cannot pay the rent and I, as the guarantor cannot pay the rent either?
The student and the guarantor have both signed legally binding documents promising to pay the rent. If rent is not paid then fees will be charged by Condor Properties & further action may be taken to reclaim money owed through the County Courts.