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olenakk

Leeds HMO Advice

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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

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Other popular areas for professional HMO's tend to be: Kirkstall, Meanwood, Armley and Bramley. I live in Bramley and have seen many HMO's pop up nearby recently as most of Bramley is just outside the Article 4 area.

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Hi Conrad,

thanks for your reply. In comparison to the average first time buyer, we are probably in quite a good position. So we hope we will be able to secure a mortgage. 

Do you know of any good mortgage brokers by any chance? 

Thanks,

Olena 

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On 11/8/2019 at 11:24 AM, olenakk said:

thanks for your reply. In comparison to the average first time buyer, we are probably in quite a good position. So we hope we will be able to secure a mortgage. 

My interest is piqued.

Care to elaborate?

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On 11/4/2019 at 10:58 PM, olenakk said:

- Do you know of any good HMO mortgage brokers? 

Bespoke Finance Specialises in property investment including HMO's are also based in Leeds. Well Pudsey..

On 11/4/2019 at 10:58 PM, olenakk said:

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)

You would be limiting yourself to a smaller market in doing so. Perhaps paying a premium for the property already being converted and having a HMO Licence.

Let you run the maths but it may be more profitable in the long-run to change a property into a HMO where there is demand and get the licence.

A small HMO up to and including 4 tenants does not require a HMO Licence. When you get to 5 or more it then does. Also remembering Leeds has "some" minimal selective licensing areas.

On 11/6/2019 at 11:05 PM, dennis hughes said:

ou might find it extremely difficult to get finance

Certainly on Large HMO's, if you have no Buy-to-Let Experience.

Though on smaller HMO's a First Time Landlord can still obtain finance, the number of lenders is reduced but still some options out there.


:wub: Get Mortgage Advice from my Team at Bespoke Finance on 08009202001 or email hello@bespokefinance.info 
:ph34r: 
Please don't take my messages on Property Hub as Personal Financial Advice, just a rambling guy passing time on a Coffee Break.
 

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