HMO Conveyancing Houses In Multiple Occupation | Homebuyer ConveyancingWritten by homebuy1
Homebuyer Conveyancing the Lawyer finder for Investors buying an HMO (houses in multiple occupation)
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The Housing ACT 2004
A House of multiple occupancy HMO is
1) A house or flat which is let to 3 or more tenants who form 2 or more households and who share a kitchen, bathroom or toilet.
2) A house which has been converted into bedsits which is let to 3 or more tenants who form 2 or more households.
HMO licensing is mandatory for buildings of 3 or more storeys occupied by five or more tenants.
The Landord is responsible to ensure the property meets the required HMO standards.
Usable shared space is a key deciding factor. You cannot have simply bedrooms.
The Kitchen and living space must meet certain standards.
Fire prevention is a major requirement with appropriate warning systems in place together with a fire blanket, emergency lighting and fire extinguishers.
Professional installers are now clued up on what is required and the costs are relatively small.
Why Buy An HMO Or Turn A Property Into An HMO?
The Buy to Let market is regulated and strong yields are achievable where a property has many tenants.
Typically Student properties must meet an HMO Standard.
Strong rents over £85 per week are achievable and can be above £100 a week if the property is of a high standard and has en-suite bathrooms.
Landlords Buying an HMO can compare Conveyancers quickly and efficiently using the Homebuyer buy to let legal pricing calculator.
An HMO license is non transferable. The Buyer must apply for a new License and before exchange of contracts it is worth contacting the properties Local Authority.
They will visit the property and advise what changes will be required to bring it up to the required standard.
This has major implications as sometimes the Local Authority can downgrade a property from say a 6 bed to a 5 bed simply because the Kitchen does not have the required number of sinks or the kitchen is too small for the number of tenants that occupy the property.
If you are a landlord buying a 6 bed and then it turned out to be just a 5 bed your expected yield and value of the property would drop.
Most student property value is based on yield.
landlords need to be an expert or call in the right professional HMO experts to advise.
Local Authorities work to a formula to understand how many tenants the property can comfortably accommodate.
Find your HMO Solicitor online or call
0345 463 7664
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