Is This A New Tax On HMO Landlords? Are HMO’s Really Worth It?

On the 1stOctober 2018 mandatory HMO licensing comes into force in England for every HMO. This requires Landlords to apply to their local authority for a license which could cost between £500 to over £1,000 per property. As well as adhere to minimum room sizes of 6.51sq m for an adult’s room and 4.64sq m for a child’s room. It’s estimated that an additional 77,000 Landlords will now need to pay for a license.  If you do not apply by the 1stOctober 2018, there are a number of consequences: £30,000 fine from the Local Authority If no action is taken by the council tenants could apply for a rent repayment order and claim up to 12 months’ rent You can’t serve a section 21 notice seeking possession  In this podcast I discuss why I think this licensing is a good thing, but I don’t think that it’s enough to stamp out rogue Landlords. www.ncrealestate.co.uk   Property Investment Mastery Facebook Group - https://www.facebook.com/groups/propertyinvestmentmastery/