I have a group of 3 student prospective tenants who have put a holding deposit down on one of my properties. One of the tenants is from Asia, currently living in Brunei on placement, and we now find cannot give us a suitable guarantor (over 25 and UK property owner). We’ve asked the parents of the other 2 tenants if they would act as guarantor but they won’t. The tenant can’t pay the year’s rent in advance either.
I’ve recommended that the 2 sign an AST for the house, and the international student applies to the university for a guarantor, but they don’t open applications until 25/1/21. I need to sign them up now as the holding deposit time runs out in a couple of days (or extend by mutual consent but I don’t want it to drag on too long and me miss the student letting season!)
Should the international student be successful with the university guarantor, then I am happy to re-sign a new contract with the 3 of them on.
If the university won’t provide one, can he be a lodger for the other 2 instead? What rights would he have and would there be a possession issue if he failed to move out at the end of the 12 months fixed term but the other 2 did? (I always serve s21s but this wouldn’t apply to lodgers? Am I right?) Is the lodger agreement between the tenants or is there anything I’d need to sign?
Hope you can point me in the right direction. They seem a really nice group and I’m trying to do everything I can to sign them up, but I’m not going to expose the other tenants and guarantors, and ourselves, in the case that he takes off mid-tenancy leaving us all with the liability – as with no UK residence or UK Guarantor we’d be stuffed!
Thanks as always!