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  • HMO & Multi-Lets

    Please critique this Burnley HMO deal ...

    Please could I have people's opinions on an HMO deal i found? As I'm in my probation period i cannot post a link which is annoying but it is being sold in Burnley a 4 bed HMO for £110K.

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    No one can give any help with so little info


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    Hi Andy, I have bought one property from them and now being progressed. The link you have posted is completed project and the one I bought is 2 bedroom house and it is planned for mini HMO - 4 bedroom.

    I can’t say much about the seller agent at this time as I am still in the early stage of working with them and this is the first project with them but so far I am happy. And the price about the link, it is cheaper than the the house I bought after completing the construction.

    I would suggest you to go visit them, view the property which I did before I bought their property, I visited them and viewed 4 property (new project  and completed ones) and gained confident to work with them. Hope this helps.
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    Hi SD and welcome.

    A few things about HMO Property Designs - assuming I have the right company:

    1.  Their website is non-compliant as it does not display their company registration number.  I was unable to find any company on Companies House by the name of HMO Property Designs or indeed HMO Designs, which the domain name reverts to.

    2.  They are introducing a buyer to a seller and are therefore undertaking a regulated activity, yet they show no membership of an independent redress scheme, nor do they show any client money protection in place.  That means they are trading non-compliantly.

    3.  They appear to be undertaking lettings, which is also regulated as above.

    These are all issues of concern to me.

    As part of your due diligence, you should be very clear who or what you are contracting with and what their Terms of Business are as there website is also sadly lacking in that respect.

    Perhaps you can shed some light?

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    Hi Venessa, thanks for reply and concern.

    I certainly had the same question and did research on their company prior to investing money.

    Their company name is different from their website domain name and perhaps that’s because they are using popular meta tag for google search engine. And I did ask them for their real company and registration and which they have provided and can be found.

    And I used my own solicitor when buying their property so that I can have better and reliable information.

    Also checked with the rightmove where they had listed the property originally by the owner of the property. All these worked fine and my solicitor is updating me with the progress and it going well so far.

    And as said before, this is my project with them and still concern about their service until everything works well to the end of the project. Because I am using their designer and contractor for reconstructing the house to build mini HMO. 

    Also I request you to not to rely on this post/comment by me because I am in the early stage of the project and yet to see the result. One more thing, The ROI they have posted didn’t match with my calculation but I still see profitable and the property I bought is just about 10 min walking distance from the UCLAN. I spent one full day with them to view the property and near by location and about 6months  of communication prior to working with them.

    Hope this helps
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    Thanks for the additional information.

    If they are being discussed on Property Tribes, which you have engaged with, then we require to know certain pieces of information about them.  This is part of community safe-guarding protocols and assisting in helping people understand how to undertake due diligence on sourcing companies and property deals.

    Therefore could you please supply:

    1.  The company name and registration number.

    2.  Which independent redress scheme they are a member of and their registration number.

    3.  Which client money protection scheme they are a member of.

    Thanks for you assistance with these issues.

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    I'll ask that, I also saw that it is £30k more than other 4 beds in the area. That leads me to wonder if it is £30k more due to the fact it is in an Article 4 area. The fact it is fully up and running as an HMO probably i would pay about an extra £10k for - however not £30k. Plus this is only £30 k more going by zoopla asking prices. This means I still have to work out the actual market value of the property.
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    As you say, you need to understand how it is being priced - bricks n' mortar or a commercial valuation.

    It is always notable when a seemingly successful investment is for sale.

    You will need to do intense due diligence on the area, the property, and the tenants.

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