HMO rules set to change
Many local authorities are keen to change the laws regarding Homes in Multiple Occupation (HMO).
Landlords who own rental properties which house between three or more unrelated people may soon have to apply for an HMO Licence, in a law known as Article 4. Until last year, this law only applied to landlords owning properties which housed more than six tenants.
Not all regions of the UK will choose to introduce Article 4. Speaking to moneyfacts.co.uk, ARLA Operations Manager Ian Potter urged landlords to contact their local letting agents in order to clear up any confusion.
He said: “HMO licensing and planning applications are not a new issue for landlords, but now there is the added complication of Article 4.
“There is no room for complacency – failure to comply could result in a hefty fine. It is therefore important for any landlord considering the use of a property to fully research the regulations in their area.”
Potter added that landlords with portfolios spreading across more than one area may well be subjected to different laws for each property they own.
Myintroducer.com report that an HMO licence will cost landlords between £400 and £600, although this can vary depending on the location of properties.
Found this interesting? You may also like these articles...
Saving for a deposit to buy a home will take the average family over 30 years, according to a new study.
Demand for rental properties is outstripping supply in more regions than ever.
Figures from the Association of Residential Letting Agents (ARLA) show that more letting agents than ever are experiencing an overload of tenants looking for rental homes.
74 per cent of the body's members claim to have more tenants enquiring about a rental home than they do houses on the market. Furthermore, Mortgage Strategy reports that the South East has experienced the highest spikes in demand; meaning most of the estate agents Sussex, Kent and Surrey have to offer are busier than ever.