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Only My Share was in the Telegraph!

We were featured in the Telegraph in an article about the “Dangers of Joint Rental Contracts” , this issue is becoming even more prevalent especially in the last 12 months. As renters are increasingly uncomfortable with taking on additional financial responsibilities, with the ongoing uncertainty in the marketplace, renters and their guarantors are taking every precaution they can. 

The article highlighted case studies about tenants and their parents who have been chased for hundreds of pounds after horror story housemates have failed to pay their share of the rent, which is becoming the norm more than ever before. 

James (who asked to use a pseudonym) was a customer who contacted Only My Share, shared his story with the Telegraph.  He was in his final year of University and along with three of his housemates was being chased for £800 of outstanding rent by their landlord after the fifth person they lived with failed to pay. 

The fifth housemate was non-contactable as he had just upped and disappeared after they finished their exams and he stopped paying his share of the rent. James and the rest of the housemates were in a predicament as they did not have the funds to pay. Their parents, who were their guarantors had to step in and pay £200 each, to cover the arrears. There was also additional charge as damages to the property exceeded their deposit, once again the parents had to pay for the fifth housemates share of the amount. 

James’ is just one story that highlights some of the issues that can arise when people fall into rental arrears and the implications this has on their housemates under a Joint and Several contract. There are many others who have experienced similar or have been in worse situations than James, to read the full article on the Telegraph click here.

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Record-breaking period of sales at Only My Share

During one of the most turbulent times in our shared history, Only My Share experienced a record period of sales, an 82% increase between March and September 2020 in comparison to the same period for 2019!

Why was this?

This steep rise in demand for joint and serval liability cover for tenants and landlords, just shows that during the COVID pandemic renters are becoming increasingly more conscious regarding their financial future and liabilities. 

For instance, as students have returned back to University many of which would be living in HMO (House in Multiple Occupation) properties where they would have signed a tenancy agreement with a joint and several liability clause. In the past their guarantors, typically parents would be signing the contract more often than not questioning the other guarantors’ finical history and the increased liability they would be undertaking. 

But in the current climate, everything is under scrutiny, guarantors do not want to be potentially liable for thousands of pounds of somebody else’s’ rent. This is driving demand for Only My Share. 

With increased sales and traffic to Only My Share, it interesting to note that 44% of the user traffic is aged between 25-44 highlighting that OMS is a cross-generational product for the emerging “generation rent”.

As the pandemic continues, the need for financial stability and security is increasingly apparent for tenants, guarantors and landlords alike.