Renting a Student House in Lancashire – What is the Guarantor?

Renting a Student House in Lancashire

When renting a Lancashire student accommodation landlords often require the use of a guarantor to help ensure that you’ll be able to meet your rent payments. This is usually a parent or other family member and they will typically be asked to agree to cover the cost of your monthly rent in the event that you are unable to pay. It’s important to remember that this is a serious commitment and your guarantor will be required to sign a legally binding agreement with the accommodation provider.

Landlords ask for guarantors because they want to ensure that their property is being well looked after by responsible students who can afford to meet their contractual obligations. They will often request that a guarantor be employed, in full time employment and have a UK address as this will help to verify their income and prove that they are a UK resident. If a guarantor does not meet these requirements they will likely be unable to guarantee the property and may be asked to find another tenant.

Some landlords may also require that a deposit (or bond) is paid prior to the start of your tenancy in order to secure the property. This is typically a similar amount to one month’s rent and will either be held by the landlord or put towards your first months’ rental payment. It’s important to note that this is a legal requirement for all tenants and should be protected by being placed in one of the recognised tenancy deposit schemes. It’s also worth checking that any agent or landlord you’re dealing with is registered with a reputable scheme.

Renting a Student House in Lancashire – What is the Guarantor?

Guarantors can be a huge help for many students who find it difficult to secure Lancashire student accommodation without one. However, guarantors should be aware that they will be held liable for any damages or outstanding rent costs if the student fails to meet their obligations. They should always carefully consider whether they are happy to act in this capacity and it’s a good idea to seek independent advice from the DSU or Students Union advice teams before agreeing.

Student accommodation contributes significantly to the local economy of educational hubs. It generates employment opportunities, supports local businesses, and stimulates economic growth. The presence of a vibrant student population in an area creates a demand for various goods and services, including groceries, transportation, entertainment, and retail. Additionally, the development of purpose-built student accommodation often involves construction projects that boost the construction industry and related sectors. The economic impact of student accommodation extends beyond the educational realm, benefiting the broader community.

Most landlords will expect your rent to be paid in three instalments throughout the year, typically at the beginning of September, January and April. This will coincide with your student loan payments and is designed to be a more manageable way of paying the rent. Landlords will also generally expect a guarantor to be available in the event of any problems and to make contact with them if you are unable to make your payment on time.

Most student accommodation providers will allow guarantors to be international as long as they can provide proof of their annual income and are residents of the UK. They will need to sign a contract agreeing to fulfil their responsibilities and be subject to a credit check before they’re accepted as a guarantor. Landlords will also be able to stipulate that they are willing to accept international guarantors in their terms and conditions.

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