As landlords know, theres a huge demand for small self-contain units, especially in University towns. But as from the start of this tax year, landlords are faced with the necessity to have a building licensed for occupation if the property is on at least 3 floors and several unrelated tenants occupy it.
Whilst this represents a problem for those less scrupulous landlords, it will serve to help those landlords wanting to enter that market. Thats because the tighter regulation will help to convince more mortgage lenders that these larger properties which are suitable for division into smaller units, are acceptable for a buy to let mortgage.
The licences introduced on 6th January this year are just one part of a three prolonged attack on properties in multiple occupation.
Licence for Multiple Occupation
These licences are a move to improve the standard of housing. The licences are issued by your Local Authority and are expected to cost around 100 for each occupant for a five-year license. The preceding inspection will be concerned about fire regulations and the size and arrangement of rooms and facilities. Even the landlord will be assessed with regards...
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