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Hello i am looking at a 3 bedroom apartment in Liverpool and since the lounge is also big i was thinking instead of rentingt it for 500 pcm why not rent each room for let's say 250 - 300 to get 1-1,2k ?
Is there a difference when you rent an apartment or a house ?
There is no difference in terms of legislation, but if it's 3 households across 5 or more people it would constitute an HMO, so Licensing, min size standards, HHSRS, Fire safety and other regulations which have specific standards for an HMO would apply. Check your council website for the local guidance on Licensing, it should give you a pretty good idea of what to expect.
3 or more people in 2 or more households constitutes an HMO but not necessarily an HMO that requires a licence. All the rules on HHSRS, fire safety, management regulations etc will apply. The room size limitation only applies to an HMO that requires a licence but the majority of the rules that apply to an HMO apply whether it needs a licence or not.
if rented as rooms you will also have to pay all the utilities and get a cleaner for the common parts.
I dont know where you get three from. the poster is talking about 4 rooms. but even 3 tenants are quite capable of making a pig sty!
Sorry saw 3 bedrooms. You are right, even with a cleaner they are capable of making a pig sty! But, as the costs eat into returns, I thought i'd suggest it's possible to run without one, as it is...
Dont forget councils are looking a Council Tax on every Bedroom ??
If you go ahead factor it in
Learn Change and Adapt ?????
All comments are for casual information purposes only. If you wish to rely on any advice I have given please ensure you obtain independent specialist advice from a third party. No liability is accepted for comments made.
This is one of those scenarios that sounds great in theory but practice might be another matter.As mentioned, you will be creating an HMO and there is more regulation and compliance surrounding that, even if it is not a licensable HMO.Secondly, as the flat is likely leasehold, there will almost certainly be a clause in your lease prohibiting such sub-letting activity.Thirdly, if you have a standard BTL mortgage, it will also prohibit this activity.I suspect your neighbours will have something to say about four people using a three bed flat as well!Here's a reprise of our "HMO Compliance Week" which has additional information about your enhanced obligations as an HMO landlord:Monday - Launch of HMO Week - overview of changes/how to find informationTuesday - Minimum room sizes/understanding licensing feesWednesday - Mandatory licensing changesThursday - Understanding management regulations/Rent to Rent HMO issuesFriday - Who is responsible and when to apply for a licence/consequences of non-compliance
Vanessa Warwick Landlord and Co-Founder of PropertyTribes.com **If you have got value from Property Tribes, find out how you can support it in remaining a free to use community resource**