For parents & guardians
Whilst your child is now an adult and able to make their own decisions, renting privately still affects most parents as they will often be asked to act as a guarantor (see below). It is also quite normal (and desirable) for parents/guardians to be involved when students are making decisions about renting in the private sector.
We suggest you read our Big Guide to Living Off Campus, which will also help you when talking to your child, and have a look at our flow chart which gives you an overview of the renting process and the steps you and your child need to take.
We are happy to talk to parents in general terms about renting in Loughborough, but if more detailed advice is required we would prefer that you ask your son/daughter to contact us themselves.
Helping your child to rent (an overview)
Acting as a guarantor
This is very general infomation about guarantors. We do not advise parents on the legal implications of being a guarantor. If you are uncertain about the agreement you are being asked to sign, we would advise you to seek advice from a housing adviser, or make use of legal services available through any legal insurance cover provided under home insurance, union or employee benefits, or consult a solicitor. More information is also available from Shelter's website.
It is important that any guarantee you sign limits your financial liability to just your son/daughter - their rent and/or damages, and not their housemates as well. If your son/daughter enters into a contract with joint liability and you sign a general guarantee, there is a financial risk to you. If a housemate moves out or fails to pay the rent, you could be held responsible for it and even taken to court.
To limit your liability make sure any guarantor’s agreement sets out the following:
- Name of the person whose rent is being guaranteed
- The start and end date the agreement applies
- The amount guaranteed rather than a general commitment to pay the outstanding rent
If the agreement is not clear on any of the above points, you can make amendments. The landlord/ agent may not agree to accept it - you may need to negotiate on this point.
Normally the landlord/agent will not require you to be there to sign the contract but you are allowed to see the tenancy agreement and the guarantor agreement at least 24 hours prior to your son/ daughter signing the contract. Ask to see this, if the agent refuses, alarm bells should be ringing.