HMO properties are the bread and butter of many property investors, but new legislation could deter some interested parties from going down that route in the future.
John Healey, government Housing and Planning Minister, recently announced details of various new plans and legislation that will affect landlords, including the news that landlords will soon require planning permission to turn a residential property into an HMO (house with multiple occupation) with three or more unrelated tenants living in it.
Under the current legislation, you only need to obtain planning permission from your local council if the property will have six or more tenants living in it. Whilst the idea is that it will help give more control over unregulated changes and improve standards for tenants, it may not be quite such good news for landlords, especially as they’ll be more paperwork and waiting involved.
The new legislation is due to come into force by April 2010 and will affect any new plans to change the use of a property and turn it into a new HMO. Local planning offices are often already busy, so applications could take a while, which may deter some investors from going down this route.
If you’ve already got an HMO property, then this is unlikely to affect you, but would it put you off plans to opt for HMO properties in the future? We’d love to hear your views.
Achieving a rapid sale of your property is not easy in the current climate. But if you know where to look it can still be achieved.