Hello All,
have 4 international students who have given 4 guarantors who reside overseas.
Will their guarantors being overseas render them ineffective were I to chase them for any unpaid rent or damages to the property if any issue arises?
Are there any other means of guarantee I should seek in my situation where my tenants are overseas students?
thank you !
Hi Michael,
Guarantors need to be UK resident and we always advise that they are comprehensively referenced alongside the tenant to ensure they’re suitable.
For reference, guarantors will be asked to sign the same tenancy agreement as the tenants, and so become legally liable to cover the rent and/or the cost of damage to the property if the tenant fails to do so.
Most tenancies in the UK are created as Joint Tenancies (whereby several parties are named on one agreement) and it is important to note that this will mean that all parties are jointly liable for all the obligations named in the agreement.
In plain English that means that any one tenant or guarantor can be asked to pay the full amount owed by any or all of the other people named on the agreement, should it come to it.
Kind Regards,
George
Hi George,
Many thanks for that.
So in my situation where all 4 guarantors are not UK residents, what other means of guarantee could I obtain from the 4 international students to compensate me should they forfeit on payments and causing damages to the property? Can I ask
them to pay 6 months rent in advance for example – that would sound extreme, but is there any other way?
Kind regards,
Michael
Mail](https://go.microsoft.com/fwlink/?LinkId=550986) for Windows 10
Hi George,
Many thanks for that.
So in my situation where all 4 guarantors are not UK residents, what other means of guarantee could I obtain from the 4 international students to compensate me should they forfeit on payments and causing damages to the property? Can I ask them to pay 6 months rent in advance for example – that would sound extreme, but is there any other way?
Kind regards,
Michael
Hi Michael,
Where you’re using Rent Now to set up this tenancy, there’s no facility to incorporate the non-UK guarantors in the contract. You’re of course free to sign further agreements with them directly. We don’t have a template for guarantor agreements, though upon searching, you’ll be able to find templates online.
Another solution would be as you say, taking rent in advance - we have a Help Centre article on this here:
Kind Regards,
George
In my opinion international students are paying a lot for their uni fees and so I’d say they have money behind then and also increased motivation not to fall inti arrears. If it was me I’d just consider a larger deposit and say 3 months in advance rent