Current Government policy dictates that owners of houses in multiple occupation (HMO) require a special licence if the building is three storeys or higher and has more than five people living in the building. This is due to be extended in October to include all property housing more than five people from two or more households, regardless of how many storeys high the building is.
According to a report in the Medway Property News, several Medway councils are considering planning further licensing schemes making it more difficult for landlords to procure licences for their rental properties and could also affect those who need to sell my house for cash.
Selective Licensing Schemes Could Cause Problems for Buy-to-Let Landlords
Some areas in the Medway are proposing to implement licensing schemes for all HMO rental properties, regardless of how many tenants are in situ. Others are looking at selective licensing where they can target certain areas that may have problems with anti-social behaviour linked to rental properties.
For landlords with large portfolios covering different areas in Medway, this could cause some confusion as each council may have different rules regarding licensing. It’s up to the landlord to check the policy regarding each property they own and ensure they have the relevant licence for each property.
Not Complying with New Licensing Regulations Could Lead to Large Fines
This may lead to a huge impact on the buy-to-let sector and turn many would-be landlords away from purchasing property in the area for private rentals. Landlords who already own HMOs which now require further licensing may be tempted to offload eligible properties and look to buy property in other areas, where less licensing is needed. Failing to get the correct licences could lead to large fines.
More Restrictions on Rental Properties May Have an Effect on the Medway Housing Market
There is the potential for many private rental properties to suddenly come onto the market in Medway, which could cause significant problems for those who need to sell my house fast. If large numbers of landlords choose to downsize their portfolios to eliminate HMOs from their stock, it could lead to many people who need to sell my house for cash.
With larger numbers of property with multiple sitting tenants, the housing market may be affected in the Medway and this could have an adverse effect on both prices and the average time it takes to sell a property of this nature. For those looking to sell my house today, there is a viable alternative solution.
Approved property buyers can assist those who need a fast house sale. They are often in a position to give an immediate quote on the property and offer to buy property for cash.
With competitive valuations and instant access to the equity in your home, anyone who needs a fast house sale should make a point of contacting buyingpropertyfast.com to find out how they can help them quickly move forwards with their house sale and get the best return for their property.