arusha
26-12-2006, 15:13 PM
I own a terraced house that is currently three habitable floors and it has been converted in the 60s into three flats. They don't meet 1991 building regulations.
When I bought them my understanding was that they are a HMO but currently don't need licences as they are exempt unless the council imposed additional licencing rules which they haven't yet in Sheffield.
I bought these flats with the intention of doing them up, splitting the leases and perhaps renting them in the short term but I expected that I'd have to sell them at some point if HMO licencing was introduced for them as it all seemed far too much hassle to try and comply with HMO regulations but I made the decision that there was still money to be made even though I might be forced to sell them.
Now I am changing my mind and I really want to keep them all as a long term investment. I also have an architect drawing plans to make the loft into a fourth flat (a studio). I asked the architect if he knew about HMO licencing requirements and he doesn't unfortunately. I am thinking therefore that I had better do a load of research now before I start doing any building work and see if I can make them compliant then I will be able to keep them.
Does anyone have any links/places to look to aid me in my research? Anyone got any ideas that might help me?
I was toying with the idea that I could sell one or two of them and me just keep the others to rent out and I could have a clause in the lease saying that the people who buy the other flats have to have my permission before they can rent them out. Then I (as the ground landlord) could refuse them permission so I could make sure there were less than five tenants in the building. This clause might affect my sale price of course but I bet there are plenty of first time buyers who'd still want them. Maybe I am way of the mark thinking that that would work. Plus my ideal situation is to keep them all.
This kind of thing is pretty new to me so any pointers would be handy. Is there anyone else in the same boat?
When I bought them my understanding was that they are a HMO but currently don't need licences as they are exempt unless the council imposed additional licencing rules which they haven't yet in Sheffield.
I bought these flats with the intention of doing them up, splitting the leases and perhaps renting them in the short term but I expected that I'd have to sell them at some point if HMO licencing was introduced for them as it all seemed far too much hassle to try and comply with HMO regulations but I made the decision that there was still money to be made even though I might be forced to sell them.
Now I am changing my mind and I really want to keep them all as a long term investment. I also have an architect drawing plans to make the loft into a fourth flat (a studio). I asked the architect if he knew about HMO licencing requirements and he doesn't unfortunately. I am thinking therefore that I had better do a load of research now before I start doing any building work and see if I can make them compliant then I will be able to keep them.
Does anyone have any links/places to look to aid me in my research? Anyone got any ideas that might help me?
I was toying with the idea that I could sell one or two of them and me just keep the others to rent out and I could have a clause in the lease saying that the people who buy the other flats have to have my permission before they can rent them out. Then I (as the ground landlord) could refuse them permission so I could make sure there were less than five tenants in the building. This clause might affect my sale price of course but I bet there are plenty of first time buyers who'd still want them. Maybe I am way of the mark thinking that that would work. Plus my ideal situation is to keep them all.
This kind of thing is pretty new to me so any pointers would be handy. Is there anyone else in the same boat?