Students sign up to three year £125,000 housing contract by accident
They didn’t realise they couldn’t sublet the place
This week, college is coming to the aid of three Imperial students who accidentally signed a three year tenancy agreement for a flat on Queen’s Gate that they can’t afford.
The house, which has three bedrooms, was advertised at £800 per week in total, which amounts to a hefty £267 per student per week in its current state.
Their intention was to sublet the place to a couple of other students, to take the rent down. Unfortunately, they signed the contract before finding anyone else and have already paid a hefty deposit, believed to be in the region of three grand. After reading back through the contract, they realise they are not allowed to sublet, and so are trying to get out of the deal.
To add insult to injury, the flat is unfurnished
The landlord, who lives in New York, has already charged them the first month’s rent upfront, which amounts to around £3500.
The students found the house, which has two bedrooms and one large reception room, via Foxtons estate agents.
They run the risk of getting sued if they don’t pay up, since the contract is a legally binding document. Their situation is made all the more urgent by the fact that some of the students’ study visas could be in danger.
To add insult to injury, the flat is unfurnished.
Imperial Student Hub is believe to be helping the students try and get out of the contract. The Hub’s manager told FELIX that landlords and letting agents often tell students that other groups are looking at the property to pile up the pressure to sign. They also said it was “extremely important” to read and understand the contract and that students can bring their contract into the Student Hub if they want it checked over. To avoid the situation these students have got themselves into, it’s also worth asking for a break clause, so you can stop the lease early if need be.
“It’s a catch-22 nightmare,” one of the students told FELIX.
When asked what advice they would give students to avoid getting into similar trouble, one said, “I would tell them to talk to their parents before making big decisions.”
