Guarantor for a joint tenancy

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    Guarantor for a joint tenancy

    I have two prospective tenants entering a joint tenancy in a flat I own (rent £1,395). One of their income covers half the rent (her income is 2.5 times half the rent, about £1,700 month). The other one is an overseas student whose bank statements cannot be verified in the UK. Hence the referencing company Rentguard marked her income as zero. I have suggested a guarantor. We are all unsure whether the guarantor should only assure half the rent (for the overseas student) or the entire rent. My understanding is the guarantor still needs to guarantee the entire rent (1,395) because this is a joint tenancy (and not separate tenancies per room). Is this correct? Thanks.

    #2
    Can they not pay 6 months up front, for a 6 month tenancy?
    To save them chiming in, JPKeates, Theartfullodger, Boletus, Mindthegap, Macromia, Holy Cow & Ted.E.Bear think the opposite of me on almost every subject.

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      #3
      Yes the guarantor should guarantee the full rent, that's the point of having a guarantor. The most important thing is how are you going to enforce the guarantor if the rent isn't paid, is the guarantor overseas? Guarantor agreement should be reviewed by a lawyer to ensure you can enforce the agreement.

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        #4
        Is the overseas student newly arrived in the UK, or a second year, or postgraduate?? Ask the last landlord or university halls.

        You may find that the overseas student is paying 30K annually in fees and is a wealthy person..... Many are sponsored by governments or grants. And dare I say it, which particular country "overseas" means matters a LOT.

        I love overseas students - they make great tenants, carefully picked. Many of them have become good friends. And I never get overseas credit references.

        I am sure, if you are worried, you can probably do some checking yourself even if the credit agency won't. You need to develop a sniffy nose and understand what your market is.

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