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  • Wanted & Recommendations

    HMO Investment Properties Company

    Hi,

    Has anyone heard or dealt with "HMO Investment Properties": hmoinvestmentproperties.co.uk ? They posted 89 adds on https://www.gumtree.com/sellerads/1315312022?page=1 today for HMO investments.

    Thanks.

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    Hi Ally,

    I've not heard of them and its certainly hard to undertake any due diligence on them - which is an immediate red flag in my book.

    Their website is non-compliant on at least four fronts:

    1.  No company registration number displayed.

    2.  No privacy policy.

    3.  No terms and conditions.

    4.  No membership of an independent redress/ombudsman scheme.

    Additionally, no updates to the news section since 2016.

    Not a good start.  If you could find the company number, that would help, as, when I searched Companies House, there was no legal entity named HMO Investment Properties Ltd, despite this being as the company name on their website.

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    Many thanks again Vanessa, their company VAT No. is listed as 297930058. Can't find anything on them on Companies House either.

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    Hopefully you won't waste any more time on this?  If you cannot even find the company number, it's a red flag telling you to move on imho.

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    definitely avoiding them like the plague! thx for your help again Vanessa :-)

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    anyone know of a good reliable company/sourcer for selling HMOs in the Greater Manchester area? Would appreciate a good referral please.

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    I would recommend you don't go anywhere near them, if they are the ones offering you properties in Salford and Lancaster.

    They are (*Moderator note:  word removed*)  people out of money. They do not source property for you, they show you properties, you are able to find on Rightmove yourself and then charge you £8,000 for the privilege.

    Please do your homework and due diligence on both market value of the property and the cost of doing the property up, which will end up being more than the £35,000 you most likely will get quoted.

    You will also not get a commercial mortgage anymore on a student property of 5 rooms, even with 5 ensuite.

    As always, please do your own research, make your own decision, but they are very pushy when offering you a property, do not refund any money and I suggest you put a proper contract in place, and thoroughly read their now changed terms and conditions before you work with them.

    They now also seem to have changed their name.

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    If a property company is unable to fulfil the basic requirements to operate in a compliant manner, I wouldn’t trust them with an HMO.

    The management of Houses of Multiple Occupancy is a highly legislated area of housing and if not managed correctly there are substantial financial penalties, rent repayment orders and even the risk of criminal prosecution.

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