What's the best guarantee deed to use for a shared house with 4 students?

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L
Leamingtonian
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Hello. This is my first post.

I have just invested in my first student property. I intend to let it on a joint AST to a
group of 4 students.

I'm advised that in this situation guarantors prefer a limited deed of guarantee so that they are only liable for their tenant's proportion of the rent should they fail to pay, not the other tenants as would apply with an unlimited guarantee.

My question is whether I need each tenant to pay their contribution to the rent separately so that I can readily identify who is failing to meet their payment? If so, this would not be my preference, because I recognise that peer pressure in a group of friends is the best way to ensure the rental obligation is met. In the case of a limited guarantee, can I be confident this will protect me in the event of a shortfall in rent when it might tricky to identify which tenant or tenants are responsible for any shortfall.

I'm grateful for any guidance you can provide. Thanks.
04/07/2016 16:18

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