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HMO
HMO stands for House of Multiple Occupancy. This term is used to describe a property that is occupied by 3 or more unrelated tenants. These tenants share facilities such as the bathroom, WC, and kitchen.
HMO stands for House of Multiple Occupancy. This term is used to describe a property that is occupied by 3 or more unrelated tenants. These tenants share facilities such as the bathroom, WC, and kitchen.
By including a HMO in your property portfolio, you can avoid paying to manage multiple, lower yield properties.
With single dwelling properties, if the tenant happens to have a change in circumstances and they can no longer keep up consistent rental payments, you have no way of seeing revenue from this property. If one occupant can’t pay, you know that this risk is offset by other occupants providing revenue when using a HMO.
The demand for flexible accommodation has grown in the UK, and HMO property licensing has risen in recent years. The Ministry of Housing, and
The demand for flexible accommodation has grown in the UK, and HMO property licensing has risen in recent years. The Ministry of Housing and Local Government has announced its intention to increase HMO licensing in the private rental sector. This is good news for investors as it means that you’re more likely to be granted a licence by your local council.
Local Government have announced its intention to increase the licensing of HMO’s in the private rental sector. This is good news for investors as it means that you’re more likely to be granted a licence by your local council.
In managing HMO properties, we will:
However, the management of HMOs can be particularly time-consuming and labour intensive, as additional certifications and compliances are required by local legislators and the administration of typically 4 to 6 tenants. Health and safety standards in HMOs are taken extremely seriously by local authorities.
We can advise you on whether or not your HMO will require a licence, as well as on the various safety regulations with which you must comply.
We can advise you on whether or not your HMO will require a licence, as well as on the various safety regulations with which you must comply.
In managing HMO properties, we will:
- Handle all applications with the relevant local authority to ensure you have the correct HMO licence (if required)
- Advise you on any work necessary to bring the property up to full compliance or maintain good conditions.
- Make quarterly visits to inspect the communal areas
- Organise all cleaning and maintenance
- Manage all inventories
- Obtain and maintain Energy Performance Certificates (EPC) and Gas Safety and Electrical Test certificates
- Fire safety - smoke and carbon monoxide alarms fitted and maintained
- Provide rubbish disposal facilities
- Act as the point of contact for all tenants
