The world of HMO’s are a slightly more complicated affair in regards to licensing and rules and regulations to follow. So even with the chance to make a healthier return by 10-15%, there is more work and a higher risk to make sure that legalities are covered.
Firstly you need to have an HMO license that you need to apply through the Council to receive. However, there are certain criteria you need to follow so you can be granted one such as fire doors, escape windows, smoke detector’s linked to the whole house etc If you fail to comply with the licence conditions then there is a risk of being taken to court and fined up to £5,000 per condition the council may not be happy with.
There are costs to apply for a HMO and renewal fees too. For more information please contact us on 0115 958 7791 or visit our contact us page.
The term House in Multiple Occupation (HMO) refers to a rental property which falls into one of the following criteria:
- 1. A building that contains non-self-contained flats, bedsits, shored houses or hostels.
- 2. A building converted solely into self-contained flats would come under a Section 257.
To view our range of HMO lettings available in the Nottingham area then please use our search facility on the right-hand side of the page. Alternatively, for more information on our letting opportunities or if you have any questions then simply pick up the phone or email us and we will be more than happy to help.