How to organise Houses in Multiple Occupation (HMO)

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Houses in Multiple Occupancy are a great source of income for landlords, However there are a number of aspects that need to be considered before starting your HMO journey. We have prepared this Checklist in conjuntion with PropertyChecklist.co.uk. This document will help you identify whether the investment property is in fact a HMO and what steps need to followed if you want to raise a mortgage to acquire or refinance one.

The Buy-to-Let Market

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Property continues to be the best performing asset that most individuals will have in their lives. Therefore finding the most suitable products to acquire it is key to be making the most of this investment.

Despite the fact that 2014 was a year of uncertainty in regards to possible interest rate increases, the buy to let market showed a tremendous growth, with many professional landlords looking to increase their portfolios with the new low cost mortgages that were available.

From what we have seen so far this year, leads us to believe that 2015 will not be any different. In fact, we have noticed that many new landlords have entered the buy to let market by releasing equity from their residential properties.  Lenders have created and introduced innovative products that target the needs for those new to market as well as those more experienced.

The demand for accommodation from those that cannot afford to purchase their own property continues to grow, resulting in an increasing demand for rented accommodation. It now appears unlikely that there will be an increase in the base rate in the   near future. Given the above, now is a good time to consider investing in the buy to let market. 

Refurbishments

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Refurbishments

Lending to Landlords and Property Developers to Refurbish, Extend or Convert property has soared over the past year. Finance has become more readily accessible and flexible in this post-recession era.

Whilst there is still a dire shortage of houses in this country, conversions and refurbishments are essential to making better use of the existing stock. Lloyds earlier this year released figures showing that over 14 million people have either had major work done to their current property or to carry out some in the next 12 months.

Many of our landlord clients have taken the opportunity to purchase properties that are inhabitable and to refurbish them and then either sell them to for a profit or retain them and gain an enhanced rental income.
A number of our landlord and developer clients have also taken advantage of the Permitted Developments Rights to convert commercial property into residential, often in the form of either flats or HMO’s.
The major benefits to landlords of embracing refurbishments or conversions are:

  • Released profits via a sale
  • Retain properties and enjoy a capital gain and enhanced rental income
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