Rent guarantor for friend's daughter (England)
My friend's daughter is in her second year of university. The daughter got in touch with me last week asking me to be her rent guarantor for her final year commencing this September.
Her parents are financially comfortable. Dad is in Hong Kong and mum is running a small business in the UK. However, the business is not turning a big enough profit for mum to be her guarantor. Apparently in general landlords do not accept paying rent upfront as an alternative.
I am aware that there are companies who act as guarantors for a fee. I am guessing the parents wish to save some money.
I have watched the girl grow up and she is a good kid. I do want to help. However, I also need to protect myself.
I am planning to ask for a copy of the rental agreement to look for small prints. I will also find out the details of the arrangement such as if she is renting by herself or with friends.
Would asking her mum to give me a lump sum deposit be a fair request? The deposit will be returned to her when her tenancy ends minus any money that the landlord wants from me.
I have asked to speak to her mum this Sunday.
What else would you advise? Thank you very much for your help.