Property investors are targeting high-yielding HMOs and commercial property in a switch away from buy to let, according to a new survey.
Confidence in the property market is high – and up to 60% of landlords are looking at better returns from their investments over the next six months, says the report from a mortgage broker. Continue reading Property investors target better yields
An HMO landlord was fined £4,000 for letting 16 tenants live in filthy and dangerous conditions – including in a back garden shed.
Council investigators raided a shared house owned by Sandeep Bhambra after a tenant complained a ceiling had collapsed in her rented room. Continue reading HMO landlord let tenants live in a garden shed
Dozens of firms offer to help shared house landlords claim thousands of pounds in lost tax reliefs – but does the lost relief really exist?
The confusion surrounds houses in multiple occupation – HMOs – which are homes where several tenants have their own rooms, but share cooking and bathroom facilities.
Tax rules ban claiming capital items, like boilers and fire safety equipment in residential property unless they are in communal areas. Continue reading Are HMO landlords really missing out on tax relief?
After moving into my ex-HMO and refurbishing it last year, I decided that I wanted an open fire or woodburner. I’ve always wanted one and seemed to have come so close a few times but then sold a house before my dream could become a reality – husband citing it as a poor investment.
During the renovation the builder found the old hole for the fire, the surround which had been ripped out years ago in a fit of “modernisation” (bastards). I did some research and gawped at the prices of surrounds, flues, hearths and decided that I’d have to have the heating on full blast for the next 10 years to make it cheaper than fitting a fireplace and its paraphernalia. You see, I also needed to build the chimney up as someone had decided to take the stack down to just above the tray which was now leaking. £££££s or should I say, bills, were floating before my eyes. It was whilst salivating over what could be that I met THEM…………… Continue reading I Should Have Known Better
Buildings insurance for a property is generally the responsibility of the owner or landlord. Tenants must still take out contents insurance to cover their possessions if they want to be protected against theft or fire damage, though for example. This is even more relevant in a House in Multiple Occupation letting to students or professionals.
If you are a landlord renting out a furnished property including HMO’s you will be well advised to take out contents insurance to cover your own belongings, personally, I usually take out £10,000 for the contents of a furnished HMO. I will also consider taking out some contents insurance for self contained units in not so desirable areas where there is a higher risk of malicious damage by the tenant or a break in. Continue reading Get the Right Landlord Property Insurance
The countdown has begun to the start of the UK’s first HMO blanket licensing scheme that starts in Oxford.
From January 30, every landlord letting a house in multiple occupation (HMO) in the Oxford City Council area must apply to licence the property.
The order covers small HMOs for three to five unrelated tenants as well as larger HMOs that already need compulsory licensing. Continue reading First Blanket HMO Licensing Scheme Starts in Oxford
In the last year it has become very clear that many Local Authorities are looking very carefully at Private Sector Landlords and the various aspects of licensing.
Some Councils have considered Selective Licensing, a discretionary scheme that allows local authorities to introduce licensing for all privately rented properties, with a charge, in a given area. Others have examined Additional Licensing, which is basically extending Houses of Multiple Occupancy (HMO) licensing to smaller properties. Continue reading HMO licence fees up 650 percent
AAaargggh, the very word ‘bedbug’ still sends a chill right through me and here is why…
We had an HMO property where we provided the furniture. A new tenant moved in to one of the rooms and within 24 hours complained she had been bitten and that she thought it was bedbugs. I contacted our local council who were happy to do an inspection, however they were unable to get in the tenants room and she wouldn’t let them for a further month. By this stage two other tenants were complaining of being bitten. Continue reading Bedbugs, an HMO landlords story
Last summer I met a very well heeled friend for lunch and listened as she commiserated her devastating investment losses over the past couple of years. She said “I need to get into property! It’s the only thing that I can rely on for the future and I’m fed up of hearing how much money my financial advisor is losing me – and he doesn’t even apologise!”.
I accepted the challenge of preparing a buy to let proposal for her based on the different markets, comparing returns in the local area and seeing whether it was student/HMO, family or renovation projects which would float her boat. Heady days, lying in the garden carrying out research courtesy of wi-fi – what better way to apply one’s brain? It was an interesting exercise as I’m so caught up with HMOs that it’s easy to forget the other markets. Doing the financial analysis vs hassle factor was enlightening too and, not one for numbers, I actually enjoyed fiddling around on Excel with percentage returns! Continue reading HMO Landlady Becomes A Letting Agent!!
By Guest Columnist Ben Reeve-Lewis
We live at a time when mortgage repossessions are running at an all time high, last year saw 45,000 with a huge impending increase in 2012 and even more restrictions being placed on lenders by the FSA when offering alternatives to repossession.
And all this without a rise in interest payments. Imagine what will happen when they go up? Continue reading Shams, Scams and Blocking Tactics