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Steve C
24-05-2005, 00:20 AM
I presently have 3 properties that I have been letting out for about 4 years. Time to be a bit more adventurous and am therefore contemplating buying a couple more properties that would be let out to groups of students. Ie 3 bed properties with students sharing joint AST. Does anybody have any words of wisdom or plain old advice relevant to lets of this nature? :rolleyes:

Patois
24-05-2005, 06:45 AM
A property let to 3 students (or similar) will, even if joint tenancy, become a House in Multiple occupation (HMO) under the provisions of the Housing Act 2004.

The new laws relating to HMO's including a new definition and standards (stds not yet available) have not yet come into force but are expected (last time I heard) in October.

You may be expected to have at the very least fire alarm system, fire door on the kitchen, extinguishers, blankets etc on a 2 storey property and much more if the property is 3 storey or more.
The requirements for fire should be similar to now as Local Authorities have a duty to consult with the fire authority.

The ODPM has lots of info - but all the guidance has not yet been published.
Your local council should be able to help and advise.

Tax Accountant
24-05-2005, 19:41 PM
If my experience of letting to students is anything to go by, I would advise you to stay away. They just make so much mess when they leave and also quite often they just disappear. It simply is not worth chasing them for the arrears and damages.

If you do let to them, take references and more importantly, take guarantees from their parents. You will also need to take references for the parents to ensure that they are good for the guarantees given to you.

If possible, meet the tenants in person before signing the tenancy agreement. It is also important to address the situation where one or more student wishes to leave half way through. What happens to his/her room and who is responsible for paying their share of the rent. What happens when you find that half way through some students have already left and put other students as their replacements?

I would rather stick to normal tenants.