St. Jims

Registered with Property118.com
Saturday 26th March 2016


Latest Comments

Total Number of Property118 Comments: 31

St. Jims

3 weeks ago
Planning permissions for extended HMO Licensing?

Reply to the comment left by Jim at 31/05/2018 - 18:13
A mis-read on my part - I thought the contractual term was that the property had to be let *only* to students or local authority... Read More

St. Jims

3 weeks ago
Planning permissions for extended HMO Licensing?

Reply to the comment left by Jim at 31/05/2018 - 15:42
I think you already know the answer about being in breach, as you knew precisely which terms to pick out of the contract to show us! 🙂

My experience with the Coventry Building Soc was that I knew they didn't lend against HMOs - but when I called to fess up about converting to HMO, they simply said they'd make an exception and would carry on lending, privided I never asked them for any further money on that loan. Worth trying.

FYI if your lender pulls the mortgage, they may be entitled to charge you early redemption fees. I'm sure they'd give you a chance to move mortgages instead - but maybe not if you deceive them. Best to be upfront.... Read More

St. Jims

4 weeks ago
Planning permissions for extended HMO Licensing?

I'm no expert, but my amateur understanding is that planning permission is not required if your HMO has 6 bedrooms/households or fewer.

If you want to go up to 7 bedrooms or more, you need to get a change-of-use planning permission, just as if you wnated ot change a newsagent into a off-licence.

The danger with a change-of-use is that future Councils might not let you change it back again, especially if doing so would reduce the total number of affordable accommodation units in the area.... Read More

St. Jims

A month ago
Electric shower or combi fed shower in a tenanted property?

The more tenants under one roof, the greater the need to have a hot water tank (such as a Megaflo or other generic versions of same). This is because combi’s generally don’t have enough grunt to deal with three hot taps open at once. Some can deal with two taps at once, most are happiest with just one. Megaflos are expensive at £3-5k and they’re bulky, but for a six-person HMO like mine they are indispensable. I wasted a lot of money before I found that out!... Read More

St. Jims

A month ago
Paragon HMO application?

Reply to the comment left by Neil Patterson at 11/05/2018 - 09:36
Here's a handy trick I learned by accident:

- First rent out your family home to a family, as a non-HMO, with a non-HMO mortgage from a non-HMO lender.

- Do that for six months or so

- Call your lender and tell them that you're converting to an HMO.

- Lender must now choose whether to lose your business or be a HMO lender on the quiet.

- When I did this with my non-HMO lender, they chose to carry on lending even though the family home was now an HMO six-bed bedsit.

- Result: you get HMO income without paying for an HMO mortgage. That was worth the £ equivalent of an extra bedroom, to me anyway.

I did this in 2015. If the lending rules now forbid this sort of discretion among lenders, please someone tell me to stop recommending it!... Read More