El Faro Student Accommodation,
Madrid

What payment options are available?
You can choose from the following payment options:

• Pay your rent in full upfront (no guarantor required).

• Pay your rent in instalments (a Spain-based guarantor is required).

Do I need a guarantor?
A valid Spain-based guarantor is required if you wish to pay your rent in instalments.

Are international guarantors accepted?
No, international guarantors are not accepted. If you choose to pay in instalments, your guarantor must be based in Spain.

How can I pay my rent?
Rent payments can be made by credit card, debit card, or direct debit, subject to the property's payment procedures.

Is a security deposit required?
You may be required to pay a security deposit to secure your booking. The deposit amount varies depending on the room type and city selected.

Will my security deposit be refunded?
Yes, your security deposit will be refunded at the end of your tenancy, provided there are no outstanding charges, damages, or other deductions due under your tenancy agreement.

Are there any additional fees?
Yes, a non-refundable administration fee of €240 is required.

Can I cancel my booking after it has been confirmed?
Yes, you may cancel your booking by providing written notice at least 15 days in advance. To qualify for cancellation, all outstanding payments due up to the end of the current month must be paid.

What happens if I have booked for the full academic year?
If you have signed an academic-year contract, additional cancellation terms apply:

• Cancellations made between September and 15 January must be paid up to 15 January.

• Cancellations made between 15 January and 1 July must be paid up to 1 July if the cancellation is considered unjustified.

• An additional cancellation penalty may also apply.

What is considered a justified cancellation?
If your cancellation is deemed justified, you must provide 15 days' written notice and pay any charges due up to the end of the current month. In this case, your deposit will be refunded.

What is considered an unjustified cancellation?
If your cancellation is deemed unjustified, you may remain liable for the applicable charges under your tenancy agreement. Additional cancellation penalties may also apply.

What if I find a replacement tenant?
If your cancellation is considered unjustified but you successfully arrange for a new resident to take over your booking, only your deposit will be forfeited as a penalty.

The above cancellation policy is a synopsis of the property’s cancellation policy. There could be a few changes incorporated from time to time. Hence, we recommend you review the full Accommodation Contract for a comprehensive understanding of their cancellation policies.