Guarantor required by a landord advise needed

[silverdale]

My son's at Uni and next year he has to move off campus. Him and his 5 friends have found a 6 bed property but the landlord requires a "guarantor". I am always cautious of anything like this. The lads are all sound no idiots and my sons fine. Here's the guarantor form I have to sign any advise would be welcomed;-

Guarantor Name(s): Address of Guarantor: WHEREBY IT IS AGREED as follows: In Consideration of the Landlord(s) agreeing to grant a tenancy to the Tenant(s): Tenant Name(s): for the Property situated at and known as: *******************.
The Guarantor(s) will indemnify the Landlord(s) in respect of any losses incurred by the Landlord(s) as a result of any breach of the terms of the Tenancy Agreement on the part of the Tenant(s).

2. This agreement will remain enforceable against the Guarantor(s) throughout the Tenant’s occupancy of the Property and will not be restricted to the fixed term specified within the Tenancy Agreement.
3. This agreement cannot be cancelled by the Guarantor(s), nor will it become unenforceable by the Guarantor’s death or bankruptcy.

4. This Guarantee will not be discharged by the Landlord, to allow the Tenant time in which to meet any outstanding payment of rent or to remedy any other breach of the terms of the Tenancy Agreement.

5. If the Guarantor consists of more than one person, the Guarantor’s under this deed may be enforced against all such persons jointly and against each individually.

6. The Guarantor acknowledges that he/she have been informed of their rights to take legal advice in the effects of signing this deed.

 

[IANB]

Ok firstly i would look to spread this as it mentions in clause 5 there can be more than 1 Guarantor under the deed. See about getting the other Lads parents on board. I would have no issue going guarantor for my own son but i wouldnt for five of his mates

 

[silverdale]

Yeah, there are 6 guarantors in total. It's all new to me this so I thought I'd run it over here as I'm sure lots on here have signed or not signed similar.

 

[silkstg]

Pretty standard, effectively if they skip out on rent then you and the other guarantors are liable to pick up the cost, either jointly (as is usually sought) or individually (when all else fails). Same with any excessive damage for when they've moved out.
If you trust your son then it shouldn't be an issue but I would ensure he has the fear of God on him if his friends or him mess anything up.
It's only used when the actual tenants are unable to be found or are unable to pay.
My mum was guarantor on my rental contract when I was renting, there were no issues.

 

[silverdale]

Thanks. I've signed it and to be fair he's a decent enough lad. My only concern was the others 3 of who I know nothing about.
There are 6 garentor's altogether so hopefully if their is a problem with damage then the culprit owns up.

 

[JonMMM]

3 sounds dodgy, if you die they still want paying, I would like to see how they enforce that LOL

 

[silverdale]

Dig me up and check me pockets