Guarantor Refusing to Sign

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Cressiswell
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#1
Report Thread starter 4 years ago
#1
My parents (my guarantors) are refusing to sign the guarantor contract due to it being 'joint and severally liable' to an 'unlimited sum of moneys'. The landlord has explained that moneys is applicable to damages meaning that if one of my housemates intentionally burns the house down (I say intentionally as at least if it were accidental it could be claimed on insurance) the guarantors would be expected to cover the whole cost of the house (due to there being no upper limit). The issue is that despite the fact we may know who this individual in question is, with it being joint and severally liable my parents would be expected to cover a share of the cost of the house as well - something they're understandably disinclined to support. Whilst I fully understand their position, I get the impression this is simply the state of the market (in Manchester at least); if they refuse to guarantee me for this house, even if I go to another letting agency we will probably be faced with a similar problem. My questions are: is this the state of the market everywhere or just in Manchester? Has anybody else been in this position and found a resolution/is there something obvious we're all missing?
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Jon22221
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#2
Report 4 years ago
#2
I had this exact same experience when looking for my second year house. In the end, I offered the landlord a double deposit for having no guarntor and I was accepted. I also changed the terms of my contract and refused to sign unless the jointly and severally liable clause was removed.

You are in your own position to negotitate with the land-lord. The power isn't all just in their hands.

I'd be very careful before comitting to a contract, because these are legally binding, so you want to make sure the terms are acceptable to you.

There are tennancies available without guarntors.

The private student housing market can take advantage of students lack of experience. They want your money. They may pressure people into signing contracts, because otherwise you'll "Lose the house" However, in a place like Manchester, the availability of accommodation will be massive.

Personally, I've found private renting such a hassle, I'm gathering a group of friends together and just getting the same flat in halls with each other instead
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Cressiswell
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#3
Report Thread starter 4 years ago
#3
Fantastic, thank you very much for your help. Glad to hear there are people out there with similar experiences as it doesn't half feel like I'm the only one with the cautious parents. I think if it comes down to it I'll suggest the double deposit resolution as its frustrating being at the behest of my parents. Thank you very much for your help though and sorry to hear that you've found your experience to be so frustrating you've had to opt for halls.
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alleycat393
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#4
Report 4 years ago
#4
(Original post by Cressiswell)
Fantastic, thank you very much for your help. Glad to hear there are people out there with similar experiences as it doesn't half feel like I'm the only one with the cautious parents. I think if it comes down to it I'll suggest the double deposit resolution as its frustrating being at the behest of my parents. Thank you very much for your help though and sorry to hear that you've found your experience to be so frustrating you've had to opt for halls.
Are you a student? The uni may be able to help with contracts and making sure that the terms are correct and fair.
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Cressiswell
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#5
Report Thread starter 4 years ago
#5
(Original post by alleycat393)
Are you a student? The uni may be able to help with contracts and making sure that the terms are correct and fair.
Yes I am, I think I'll give them a shot with regards to making sure they're not exploitative or unfair. Thanks.
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