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Found 144 results

  1. lewiss

    Resi To Hmo

    Hi All, I am looking at a potential first Resi to HMO. I have attached the current floor plan and was thinking I could add 2 bedrooms downstairs, both with ensuites taking it to a 5 bed HMO. Reshuffle upstairs to reduce the bathroom slightly and increase the size of the back 2 bedrooms and have the front bedroom spanning the width of the house. It would also be fully redecorated, new kitchens and bathrooms to a decent spec. My question being, would rejigging and adding bedrooms downstairs actually have a positive effect on the value of the house or could it even possibly devalue it? I am struggling to find comparables, as everything else is 3 or 2 bed in the area. I would love to hear any thoughts on the value bit as well as my possible redesign... Thanks in advance Lewis
  2. Hi all, hve a very quick question; I am planning to lend some money to my own limited company (zero interest) to buy a BTL. I believe this is called director’s loan so that my limited company can pay it back to me in the future without any tax implications. My question is, do I need to fill any standard forms to establish this loan relationship between my self (director) and my company? thanks in advance volkan
  3. olenakk

    Leeds HMO Advice

    Hi All, I'm looking to start my BTL portfolio and am taking a trip up to Leeds this weekend to look at potentially buying a place there. Currently I'm looking for yield and so have decided that a student/ young professional HMO may be a good option for me. I used to go to uni there so I know the Leeds university areas well (i.e. Woodhouse, Hyde Park etc.) but I don't know much about the other areas. I'm looking to find out: - Which areas are recommended? - Would you avoid houses that don't currently have a HMO license? If it doesn't currently have one is it not likely to get one? (within Article 4 area) - Do you know of any good HMO mortgage brokers? Any advice would be much appreciated! Thanks, Olena
  4. Hello All, This is a bit of a strange topic as this is spoken from a tenants point but here it goes. My cousin has just started his second year of university at Nottingham and has moved into a shared house with other students. As far as i am aware this house has been let out to students majority of the time. (I know students aren't the cleanest of people). Anyway my cousin has discovered mold on one of the walls in his bedroom, and when he came home last weekend he was saying that he had chest pains.... He has a dehumidifier which he has been leaving on more regularly and says it has reduced the mold a little. However the landlord came to visit the property the other day to check on the property (something to do with the WI-FI) but he also looked in the rooms and noticed the mold. Well his response was find a scraper and get scraping (Not sure it was worded exactly like that) So i was wondering if there is anything that could be done either getting my cousin to try and fix it (providing the landlord is happy with that) or a way to get the landlord to fix it for him, which from his reaction when he found the mold didn't seem to inclined to do. I know there is a selective licensing which has been brought into Nottingham is this of any use? Or could me cousin maybe appeal to get the mold fixed. I'm not trying to be awkward and cause work or a cost to the landlord, but i would hate if a tenant was getting chest pains or had mold in one of their rooms. I hope someone could give some advice on this. Kind regards, Jay
  5. My partner and I (both 30 years old) have some savings and are looking to start investing in property for the long term cash flow to eventually replace our income. We currently own no property and are tenants ourselves. We want to skip buying our own house and get straight into investing. Q1) would we still benefit from First Time Buyer stamp duty deductions if we were to; A) buy to let? B ) buy through a limited company? Q2) I’m assuming we would need a first time buyer, first time landlord mortgage - can we get this through a limited company? What you've done in property so far Nothing just yet. Just been building a foundation of knowledge and learning all I can through podcasts, reading, and a few meet ups. Q3) I have spoken to lots of people who have found value in paid for courses - are there any you’d recommend? What areas you invest in (or want to invest in? Currently living in Hertfordshire where property prices are out of our budget so looking further north. (Manchester, Leeds, Sheffield, Nottingham) My next steps in my education is to pinpoint one of these cities, learn it well (online research, visiting), and then target 1 city for investment. I know they say invest in an area you know, but we want to get started, and having property at least in 1 city further afield seems easier than having multiple properties over numerous cities. Thoughts? What your plans are for the future Looking at BTL to put my learning into practice for the first few and then moving on to HMO’s as I build confidence. We want to have a portfolio in 10 years which will allow us to retire from our jobs (currently 30 years old). Thanks for reading. If anyone has any advise or input on anything, it would be great to learn from your input. I look forward to reading your responses. Ben
  6. Hi all, I’m looking to add to my small single BTL portfolio by adding 1 or 2 HMOs. I’m based in the Essex but really open to location as I would use a managing agent anyway. Ideally I would like to buy established HMOs from landlords who are looking to cash in and get out of the ever-evolving BTL market, however, would happily work with an experienced sourcer to purchase a property that needs converting too. In terms of purchase price, the cash I have available is approx. £200k so of course it will depend on whether it’s an existing HMO with little/no work needed V a property for converting. I estimate an existing HMO up to £250-275k and a conversion around £200k. Please feel free to correct me if you think my figures are off! Does anyone know a way to find landlords who are looking to sell their portfolios? Or if anyone can point me in the direction of a good sourcing agent that would be great. Any advice or suggestions of any kind are gratefully received, thank you in advance.
  7. Hope all is well with everyone? Currently working on converting a property into our first HMO, our background is single lets. I have a few questions/queries for people. What heating system would you suggest (bills included). What water heating / shower system do people use? (8 bed HMO) Mixer Vrs Electric Finally what do you use for noise reduction in rooms, both on the floor and walls? Thanks in advance, Adrian
  8. Hullo I am currently selling our old house, which we have a HMO license for and was hoping for some advice.... Firstly, Do I need to notify the council that we want to terminate it? Secondly I have just found out that the buyer is going to have to rent whilst they are out of the country. They initially said it was residential, although he clearly plans to flip once he's done it up. I wondered if I could transfer the HMO (there are 4 years left) and potentially get a bit of cash for it? Can't find anything on it so suspect not. We didn't sell it as an ongoing HMO as it is in more of a residential area/property. Thanks in advance
  9. Hi everyone, This is my first time posting here. I am generally a property noobie. I got into it recently while speaking to a friends dad who owns a property development company. From there I have read a few books on the subject which gave me the knowledge I needed to get a job in a property management role. However, I want to buy my own first property sometime soon. I already (with a mortgage) own my first home and want to start building my portfolio as the earlier I start the more I can benefit. Anyway, my first property I am looking at is a rundown townhouse. It's on the market for £40k but I would try to negotiate for lower. It is currently a 4 bedroom terrace house, although looking at the sizes of the rooms it could easily become a 6 bedroom house with an extra bathroom... ...perfect for a HMO. It would cost around £430 per month to run, but I'd put this at £600 per month expenses so there is a large buffer in case anything goes wrong. Renting each room at £200+ (similar rooms in the area at around £275), it needs a minimum of 50% occupancy. That should be achievable. However, the whole house needs a refurb and that's where I am getting stuck. What kind of cost am I looking at here? From the photos, it mainly looks aesthetic but still, it is every room that would need doing. Can anyone advise me on this? Also if there are any good resources on how to predict if an area wants this kind of property that would be great. Do most towns and cities have HMO properties even when there is no university etc? Thanks in advance, Matt
  10. Hello Hubbers! I have been absent for a while, but logging back on to try and get some advice. I have been operating the rent a room scheme in my own 3 bedroom property for around 5 years-charging on an all inclusive basis - with certain caveats and stipulations in place with regard to energy consumption etc. Typically bills didn't increase that much and I made a tidy profit as well as someone else paying my mortgage. I am now converting the 3 bedroom flat into an HMO (Scotland based-therefore, yes, this is essential) probably with 4 bedrooms, one bathroom, large kitchen/living room plus two en suites. Currently two people are living in the property, but in the last 3 months, the bills have sky rocketed. I have identified who and what has caused this and due to contractual arrangements in place, I will be able to recoup some of the money-however I am looking to put measures in place so that this won't happen again. The bills will be more palatable with 3 or 4 people paying for rooms, but I still want to see these bills reduce-they have been astronomical. Are there any HMO landlords out there who charge on an all inclusive basis/room by room? How do you keep your energy bills down to ensure you are charging enough? Over 5 years, I haven't had a problem with this, but as I will be absent from the flat going forward-I will need to have other mechanisms in place. The property is based in Aberdeen (which as you may or may not know is going through a fairly large depression) so just putting up the rates is not an entirely feasible option. Any recommendations for smart meters, hive type devices or contractual mechanisms for over use are MOST welcome. Thanks for reading and look forward to your responses! Kind Regards, K
  11. Hey Fellow Investors Enthusiasts, Our family has a large commercial building in my Mothers sole name no liabilities, we have about 120 k to renovate. The area is a commuter area, in an demand area for rentals (Rep of Ireland) Intentions 5 year plan lets say, Convert portfolio into Ltd company Tax? Split the building into three identity's Portfolio 1. Start with One quality 5 bed HMO next 12 months Town House Portfolio 2. Add a 3 bed self contained + 2 one beds self contained 12 - 18 months Adjoining to the Town House separate entrance Portfolio 3. Large commercial building to residential however that 3 - 5 years time Separate entrance Major concern, my ultimate intention would be to operate in the UK Questions, even if i had a portfolio producing great cash flow over a number of years with fair amount equity holding in a company will i be recognized in the UK (Banks, Lenders) in years to come or do i register the company in the UK or become a resident myself. I am worried that this endeavor wont be created right from the start. Where could i go to get advise IE finance brokers mortgage brokers? Thank you Regards Tom
  12. Hi everyone, just looking for some advice on a strategy I'm looking to go ahead with this year. Also would like to know people's opinions on wether to go down the personal route or buy through a ltd company in my situation. So me and my dad have £50k saved to invest, we are both lower rate tax payers, my dad owns his own property that he lives in, I don't own my own property. We are both self employed. Our plan is to buy a run down property, flip it and make a profit. We plan on doing this 2 or 3 times depending on how much profit we make. We will then purchase a bmv property to renovate then let out and remortgage, pulling out some of or most of our deposit. I think I am right in saying after 6 months of owning a btl you are considered an experienced landlord and are eligible for a HMO mortgage with certain lenders. If this is the case the plan would then be to buy a run down 4 bedroom house, convert in to a high end 5 or 6 bedroom HMO, let it out, remortgage to a commercial lender, and go again, building up a portfolio of HMO property's. This is a very rough strategy, but just wondered your thoughts on how this would work, and also if it would be best to start up a ltd from the beginning, or leave everything in our personal names. Bearing in mind our plan is to use the profits made from the HMO's as income. look forward to hearing from you Scott Laws
  13. Hi Everyone, Does anyone have an opinion on HMO demand outside of city centre locations? I’ve found a few properties (fairly recently built) in Bessacar, just outside of Donny. I feel the numbers stack up given normal occupant rates/ void periods.. the problem is I do not know what demand is like in residential areas! The properties I’m looking are less than 10 years old and have high quality fixtures and fittings. The plan would be to target the rooms at professionals. Any feedback/ opinions would be welcome, thanks. Matt
  14. Hi Everyone, can anyone shed some light on the HMO licensing laws in Gateshead? Im struggling to find any clear info on what Gateshead Council would consider should be licensed. Article 4 info is clear which is helpful but licensing not so. Any help gratefully received.
  15. Hello I'm a business management Graduate with a good knowledge of locations in Brighton, Guildford, Farnborough and London. I do not own property yet and I'm a newbie in the arena. I've been reading up on property for 12 months and have some capital; now I am trying to figure out what my strategy is but i'm not yet sure what the best route/ best locations are for me. My current ideas A) Serviced accommodation in Brighton or elsewhere 2 -3 BTL properties in Manchester or Liverpool Buy 3 bed BMV in London (Looking at areas in zone 2-3 with new crossrail stations set to open) Live in and modernise swiftly Rent out the two other rooms Refinance the property & withdraw funds Repeat the process My goals: To reach a net cashflow from property of 4k per month within the next 1 - 5 years (Ideally ASAP) Grow my account Hoping to find some sound advice in the community and will reciprocate where/ when i can. Look forward to speaking along the way! James
  16. Looking to convert a 3bed terraced with attic into a 4 bed hmo by simply adding a bed to the living room. However because of the attic this will be 3 floors and 4 tennants. Will I need to spend extra on installing a wired fire alarm system or wil it be fine with just fire doors etc? I really do not want to start ripping the walls out here as the property is in a relatively good condition.
  17. Hi All, I am looking to purchase a 4 bed HMO / Student Property in Sheffield or Leeds. I would like to purchase within the next two months, however I am worried that the 2nd – 4th year students would have already found their property for the academic year. Would you suggest purchasing and then renting out to young professionals (sourcing on spareroom etc.) on a short term let basis until June / July 2020 and then move the students in. Thanks,
  18. Hi All, I have been going to many seminars as well as an intensive 3-day property course over the past few months, the outcome of which is to gear a strategy into Social Housing HMO. I recently found online a company up North that specialises in this field with contracts with Home Office via Serco. I have been reading up as much as possible about this and have been able to verify most of what this 3rd party company is saying with regards to the back story. They have a number of properties on their books. Here's my concern. They have said they have no sourcing fees, that you can simply pick up the properties, and even provided me with a draft contract from Serco. They are happy to meet up but are not allowed to show me around any properties due to an 'NDA' agreement. Does this sound too good to be true. Am I being naive? Does anyone have similar experiences? I will be getting a solicitor to verify the contract. Latest vendor response... "I believe I mentioned the caveats of the Serco contract...One the renewal...and the second was the fact of break clause... Regarding the renewal of the contract...My own personal take and that anything can happen....there are no 100% guarantees with anything....however you have a property that in the worst case if for any reason Serco does not rent...would rent to a family... 1. The program has been going on since the early 1990s. Legal and Illegal asylum seekers I doubt will stop. They must be housed and sheltered...All the people we work with at Serco worked under the original Compass Home office scheme. Even if Serco does not get the contract, someone would have to and would be transferred. Prior to Serco the Government themselves managed it and it failed miserably....that is why Serco got the contract....More so, a complete logistical nightmare to move more than 10,000 people out of 2500 properties not alone all the furnishings. Serco has a deep moat as they are one of the very few large infrastructure firms capable of managing. Serco has managed wonderfully unlike G4S. 2. We have no other charges...we simply sell you a property....gets registered at the land registry...and Serco contract assigned to you..." Any thoughts/opinions welcome? thanks P
  19. Hello everybody I am new to this forum and have enjoyed reading some of the very interesting experiences of other members. Thank you all for sharing your wisdom with us newbies... I consider attending the National HMO Network Spring conference next week in London. Would appreciate to learn about your experiences with it. Useful to get started? My background: I have been looking into purchasing my first property. I am interested in cashflow over capital growth at the moment. I am interested in HMOs as I very much like the idea of offering a good quality living environment and community on relatively small space, for professionals or mature students. And I am fortuntate enough to be able to have a depost and a mortgage offer. However, I suffer from analysis paralysis (very nice term I learned here :)) As I live overseas at the moment, I have to have the HMO managed. On the bright side, this gives me the opportunity to invest anywhere in the UK. Particularly for HMO's the north seems to offer better ROI than for example the midwest, as far as I can tell. However, it appears that local knowledge is required and that good HMO sourcing and management agencies seem incredibly difficult to find, at least if you try to do everything online. So, what strategy would you advise? Is the HMO conference a good place to start? Or a property hub meeting ? I just wish they weren't all at the same day or teleporting was already invented. Something else? As I cannot travel to the UK too often, I want to make sure I choose a relevant event and get the most out of a few day visit. My aim would be to talk to a few people who successfully manage HMO's, understand if my hopes and wishes for offering nice living accomodation and get decent cashflow are realistic, and possibly get some recommendations for sourcing/managmenet agencies or good deals on offer, or general location advice. At the moment, my reserach brought me to Liverpool, although, locationwise I am very much open. Looking forward to your responses and thank you already for reading this far. Alex
  20. Hi Guys, Shutzy here, a guy just getting back into the property investment world again. Looking forward to the fun and the challenges and the motivation and support from all of those on this forum and finally the rewards of deciding if I want to work today or not. cheers Shutzy
  21. Hi all I was wondering if someone can shed some light on this matter. I am running a licensed HMO property in Brighton. We have obtained the property on 2007 which is a basement flat and ground floor shop and three story above which has 6 bedsits ( 3 small and 3 big) and done major restoration to the building including structural reinforcement to the building and fireproofing , central heating etc.. We had an application to do so and we also advised by planning reg officer who inspected all the building few times during work that we also need to get in touch with HMO if we need to rent the rooms to different people. eventually he informed the HMO himself during the work and lady from HMO came in and told us all she needs to grant us our license . eventually and after few more inspection we were granted HMO license, license indicates we are allowed to rent to up to 9 people ( 3 for small bedsits and 6 for 3 big bedsits). At the time we did not do any structural modification to accommodation rooms and just renewed the walls and doors and toilet basins showers etc... and changed portable kitchen units and hand basins with better cabinet units and sinks etc.. as it was directed by HMO lady. since 2007 the property is let as HMO and we have already renewed our license once in 2013 and files the second renewal on 2018 and was waiting for our renewal license. Today i have receive a letter from the council (planning permission department ) that according to their record our property is licensed and used as HMO however they can not find any record of planning permission having been granted for this use. the letter says that HMO for more than 6 unrelated people called sui generis use and need a planing permission. it is also noteworthy that although we have 6 rooms and licensed to let to up-to 9 people we were really never let big bedsits to a couple and maximum number of tenants is and has always been up to 6. i found out that there has been an Article 4 direction in 2010 for the need to apply for planing permission if the tenants are more than 6. question : 1-do existing HMO's who were running as HMO prior Article 4 direction still need to apply for planning permission in the middle of their operation ? or was planning permission was needed even before Article 4 direction ? ( council letter directly pointing about number of tenants and asking if they are more than 6 or not, so probably the nature of their investigation , as they said is about small HMO or sui generis use ) 2- we really never let to more than 6 people so absolutely do not mind to have HMO license for 6 tenants , would it sort the matter if we say we are happy with 6 people license? thank you very much for your help
  22. Hi all, I have a 4 bed HMO in Greater Manchester and would like to release as much cash from it as possible. The rooms rent at £80pw. What makes a valuation based on rental income more likely than a bricks and mortar one? Does anyone know a good broker for these types of mortgages? Jack
  23. Hi Hubbers, i have found a great property with a great price in a good area, and I ask myself why! This property is on the market for £205K and has 1 x 2BD apt and 3 x 1BD apts. Two of the apts have their own separate entrances from the main entrance. Each apt will fetch approx £500 pcm. I have no idea how much money is needed to upgrade the property but it's mostly cosmetic so I'm guessing approximately £25K. I have spoke to a local property HMO mortgage expert who says due to no. 1 N. Ireland having less options anyway and no. 2 the property having separate entrances, it technically isn't considered a HMO and therefore private finance is not an option. He says I would need commercial Finance to make it work. I listen often to investers who go that extra yard to get deals that everyone else can't make happen. What do commercial bank lenders need to know when considering such a proposal. I have two other properties and my dad has a few properties. We could raise funds up to 40/50 LTV on this if squeezed. I would really appreciate any help you could give me. Regards Eoin
  24. Hi Everyone, So I have viewed & want to purchase a large house near me, it was previously used as a halfway house for under 25's run by a charity. As such it was set up with 6 bedsits, each with kitchenettes & two shared baths rooms, one on each floor. There is also one more bedsit, that used to be the office that again has a kitchenette & its own bathroom. It has a fire alarm installed already, and each bedsit has its own consumer unit. Really it just needs a bit of TLC and decorating to get it back to scratch. My question is, should I keep it the same setup OR do I change it to four 1 bedroom flats? I am clued up on what would be required of me if I kept it as a bedsit HMO, however, I am confused about what the building would be classed as If I changed them into four 1 bedroom flats? Would it still be classed as HMO as each "flat" would be a Unit? I have attached a picture of the floor plan below. Really appreciate any help, Doug
  25. Hi Hubbers, I really don't know where else to turn at the moment! Hammersmith and Fulham changed the HMO licensing requirements so that my property now requires an "additional HMO License". I have 4 non related flat sharers in my flat. It was never meant to be an HMO. They are all friends and signed the contract together. I do not understand my fire safety responsibilities now that I am an HMO. I can't get anyone on the phone at the council and they don't answer their phones. Does anyone know my fire safety responsibilities in this borough or someone who does fire risk assessments and work to make a place fire safe on such a small scale. All the companies I find online are for blocks of flats or office blocks. Any thoughts, help, recommendations very gratefully received. Debi