RENT
HEAD OF RENTALS AT AYLESFORD INTERNATIONAL
Q. I’ve recently come into the market for a buy-to let property and noticed that there are quite a few new developments nearing completion in 2012 – should I look to purchase a flat in a modern development or consider a converted flat in an older building?
A. Whether a tenant rents a flat in a modern development or a period property is completely a matter of choice. What a development may lack in character, it makes up for in convenience, with many having underground parking spaces, porters and well equipped interiors benefitting from greater lateral space. Generally, tenants from the Far East (China/Japan) prefer new developments, whereas Europeans and many Americans come to England wanting to live in something typically English and love original period features and the accompanying quirks. The layout of many period houses cannot be changed and so they may not have best use of the space. In either type of property, tenants are not prepared to put up with old appliances, so expect kitchens and bathrooms to be modern and for the property to be freshly repainted. In my experience modern developments can “date” over the years, whereas a period building, as long as it is regularly painted and maintained, is timeless and classic.
Q. What are the regulations about letting out a property to multiple people? I think my property is an HMO, but how do I make sure that it is rented within the law?
A. A House of Multiple Occupation (HMO) is a property that is let as a home to at least three tenants who form more than one household and who share a kitchen, bathroom or toilet. A “household” means a single person, a couple, members of the same family, including relatives, step-children, grandchildren, uncles, aunts or domestic staff, the key thing being that they live together. An HMO must have a licence if the property is three or more storeys and is occupied by five or more people who form more than one household. If you think your property may qualify, you should contact your local as there are various requirements imposed on a Landlord to ensure their property is safe for any prospective tenant. To obtain more information on HMOs and the Housing Health and Safety Rating System (HHSRS), I would suggest looking up www.direct.gov.uk/ and locate Home and Community, the Private Renting and then Repairs and Standards.