Validity problem of parental guarantees when the parents are not resident in this country?Make Text Bigger
Just wondering what other self managing Landlords do to guarantee rents from students whose parents live abroad. Correct me if I’m wrong but guarantees from parents abroad are not worth the paper they are written on as no action can be bought against them.
I know guarantors can be other family members or even friends as long as they are a house owner, but this can not always be achieved and is another ball game. After all parents are parents and they usually have their off springs interest at heart.
Agents tell me they charge upfront. But when upfront I would like to know. I sign up my student tenants in November for the next academic year. I would not want to take so much at such an early stage, even if they wanted to give it, nor would I want to trust them paying later because at a later stage if they failed to pay and you had to re-let you may not find such strong groups. It’s an ever recurring problem.
Oxford University where I’m based simply won’t help. At least not until you have arrears of rent and even now with bums on seat polices, action they could have taken in the past, like not allowing students to sit exams if in debt, is very unlikely to happen. Like to take the extra fees from foreign students, but can’t help in any way the Landlords on which they rely. I have taken a few students whose parents live abroad in the past and done what can be best described as friendly checks and been ok. But now I have a group I would love to take where five out of eight have parents living abroad. Any ideas or information anybody?
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