Post: #1

I'm in the process of moving out of my parents place with one of my best pals.

We are in the final stages of securing a nice little 2 bed pad. Great location and logistics. Can't wait to get it sorted.

The last hurdle is that we both need guarantors. I have no issues getting one, but unfortunately he is having great difficulty. His parents financial situation makes them unsuitable and he doesn't have much other family.

I know that's most places need guarantors. However I'm wondering if they is anything we can counter with if I am able to get one and he isn't? I don't want to lose this place.

Perhaps discuss an increased damage deposit? Multiple months up front rent? Some kind of insurance?

All ideas and suggestions welcome.

This is all based on the way things work in the UK.

Post: #2

Is he a student or a working man? If he's working, can't he get a letter from his office saying he makes X per year?

All I did was produce a letter from my company on some official letter head saying this is what I make. Call boss at this number if you need proof.

Post: #3

Why not just say that you want to rent out the whole apartment yourself? Say that you need the extra room as an office. I'll assume you're going through an estate agent hence the need for a guarantor; this is simply a formality for them, something their supposed to do to make sure their asses are covered if you fail to pay rent. If you can prove that your income would cover the whole apartment then just say that. And don't worry about inspections, estate agents must legally give a certain amount of notice before they could come in.

Post: #4

(09-17-2015 09:21 AM)Blackwell Wrote:  I'm in the process of moving out of my parents place with one of my best pals.

We are in the final stages of securing a nice little 2 bed pad. Great location and logistics. Can't wait to get it sorted.

The last hurdle is that we both need guarantors. I have no issues getting one, but unfortunately he is having great difficulty. His parents financial situation makes them unsuitable and he doesn't have much other family.

I know that's most places need guarantors. However I'm wondering if they is anything we can counter with if I am able to get one and he isn't? I don't want to lose this place.

Perhaps discuss an increased damage deposit? Multiple months up front rent? Some kind of insurance?

All ideas and suggestions welcome.

This is all based on the way things work in the UK.

Just put your name on the lease and use your parents as your guarantor (leave your friends off the lease). Of course if you both fuck up your parents will be screwed for the both of you.

Its better to have just your name on the lease too rather than both. What happens if you have a bad falling out or he doesn't actually pay his half? If both names were on the lease you can't take swift and appropriate action which would be to kick him out and find a roomie who can afford. But if its just you...well you're the king of the domain in the eyes of the law then.

Post: #5

Different areas have different requirements. For example, some NYC rental requirements are 40 to 50x monthly rent as qualifying income. I have tried assisting a good friend of of the family rent an apartment in midtown NYC. Her family offered to pay 2 years of rent in advance and the landlord still refused to rent without a guarantor. In the end , she ended up getting a guarantor to finalize the lease.

Other areas such as the Midwest , certain areas of the mid Atlantic and Florida I have lease experience in are not remotely as stringent with guidelines as NYC and just have basic income, credit and job history requirements.

I have seen leases go every possible way. Ostensibly, the guarantor is there to protect the investment from the big ticket items including but not limited to:
Property damage
Back rent
Water / utility bills

As far as lease set up is concerned you want to have the least blowback possible. If family is absolutely required as guarantors try to put mom only or dad but NOT both on lease. Try to avoid putting more people on the hook if things go sideways. It's always best to have the least exposure this way. Especially if you have a destructive roommate.

Regarding lease set up you have pros and cons.

Scenario 1:
you and friend sign lease
Friend has rights to lease
Friend inevitably becomes a deadbeat and does not pay his portion
Friend destroys apartment and leaves.

PROS:
1. if friend is responsible he will pay for half damages / balance owing.

CONS:
1. You are on the hook for any and all rent , utilities and damages to unit if friend damages and bails. The debt will chase both of you but if he's an absolute deadbeat and you don't want judgments or garnishments you will be stuck clearing the balance owing.

2. If you argue and want to get a new roommate you will have a headache as his name is on the lease. He may become combative and try to stay without paying.

Scenario 2:
Only you sign the lease with a possible guarantor of mom or dad needed
You can have friend come in and pay a portion of rent
If friend ducks portion you can ask him to leave.
IF friend does not leave you can set up an actual eviction as his name is not on the lease ( this applies in many states in the us - you may need to check with real estate lawyer as what uk law requires.).
Depending on how long he stays he may get "squatters rights " which means the police cannot just come out and throw his stuff out.
You will actually have to go through the court process.

PROS: you are in charge

CONS:

1. if roommate bails can you handle rent by yourself ?
2. Hope your landlord is not as sharp as I am and catches extra people staying in the property without being on the lease. If he treats his properties like I do , you will surely be issued an eviction notice as soon as he sees roommate setup in property.
- your best bet for this is to review the guest policy on your list and hope it's liberal as hell.

In conclusion , you know your friend. Is this a person you can depend on , stable job , emotionally level etc. 8 out of 10 times, I see roommates going sideways. It doesn't work that well. Which is why I always require each roommate to individually qualify to rent in my properties. Basically , as a landlord if anyone is above the age of 18 they must be included on the lease. This way I can chase multiple people with garnishments down even years down the road for damages.

Post: #6

CORRECTION BELOW:

- your best bet for this is to review the guest policy on your LEASE and hope it's liberal as hell.