It seems that greater levels of regulation are never too far away, and there will be an extension of HMO licensing from the 1st October 2018.
In effect, the definition of a HMO will be changing, bringing an estimated additional 177,000 properties under the HMO rules, meaning they will also need licensing. Under the new rules any property which is occupied by five or more people, comprising individuals from two or more separate households – regardless of the number of storeys in the property – will be classified as a HMO from October.
If you own and let a property which will fall into this category ideally you should be thinking ahead and finding out from your local authority what the requirements will be for a successful licence application.
The good news is that ibmco can help raise finance and remortgages for shared letting properties whether a licence is needed or not. So please send us your enquiries.