BLACKSTONES HMO SERVICES
At Blackstones we specialize in HMO management. We have been licensing HMO properties from small ones to our largest of nine bedroom for the last ten years. Currently, we have licensed and managed properties in Haringey, Islington and Camden. We have helped our landlords by managing the entire process from start to finish, and ensuring the best return on investment.
. Assess your property
. Provide you with a detailed report.
. Detailed Floor plan
. Apply for HMO Licence
. Council Inspection
. Carry out compliance works
. Liaise with council and tenants until licence granted
. Manage HMO and maintain standard
An application is submitted when the property is tenanted, which means works are usually carried out around tenants. The work is usually minor compliance work which our experienced in-house maintenance team and our loyal contractors carry out with very little disturbance to tenants. HMO works have made improvements to the property, thereby increasing tenant satisfaction and peace of mind for our landlords.
Blackstones HMO management can assess your property and advise the best ways to maximise your income ensuring all HMO conditions are met. Our team have an in-depth knowledge of building works and understand the practical issues in making any modifications to the property, all of which we will seriously consider before making any suggestions. We have a vast number of HMO’s that we have licensed over the years and currently manage, and we are certain that amongst them is a property much like yours which we’ll use as an example to talk you through the process with regards to costings and returns etc.
Remember, if you are renting to three sharers forming more than one household, you have a legal responsibility to maintain the property to standards set by your local authority.
Blackstones HMO Success
Our success with converting properties to HMO and achieving higher incomes for landlords as well as satisfying the council with high standard properties has been due to our knowledge of building work and tenant management. Our HMOs offer excellent shared accommodation, regulated properties, safe and secure standards with responsible management.
Example:
A few years ago, we acquired a property in the Additional Licensing Area of Haringey where the HMO licence was provided by an inexperienced agent. The licence was granted to four households over five years. However, the property was a three storey building with seven rooms, and the landlord was restricted to four households (use of four rooms) for five years. The landlord’s income was reduced and was at risk of breaching HMO regulations in the instance of tenants staying in the other rooms as guests or sub-letters.
The reason the licence was reduced to four households, was due to the fact there was not enough shared facilities to justify more occupants.
We stepped in and made minor adjustments including doubling the kitchen facilities, adding a toilet to the existing bathroom and upgrading the fire alarm. The work to an untrained eye seemed enormous, however our expert team carried it out with minimal disruption. The current licence is for seven households, (seven rooms) increasing the landlord’s income drastically and improving the property with additional facilities for tenants to use.
Agents & Partners
Dangers of HMO
Over the years we have acquired properties that had previously been mismanaged and neglected, ultimately costing the landlord thousands in unnecessary works.
As a result of poor planning and ill advice, some landlords have lost a considerable amount of money in converting their properties for HMO licensing. Most common costs to landlords are double kitchen facilities that have been installed inadequately and have not been accepted by the council, along with shower rooms fitted in impractical spaces. These are cases which have aggravated both landlords and tenants, but have allowed us to step in and apply our expertise for solutions to ensure it doesn’t happen again.
Are HMO properties more profitable?
Not necessarily – HMO properties can achieve high returns when the number of occupants can be increased maintaining the standards set by local authorities i.e the number of kitchen facilities, bathrooms and toilets. Converting a HMO to room-based accommodation can yield very high returns, however this is usually the case with the larger properties as they’re easier to work with. We understand that every property is unique and presents its own set of challenges (as well as opportunities) where a HMO conversion is concerned.
Rest assured that we’ll extensively plan to meet the requirements of the council in order to avoid any violations and penalties, as poor work and negligence often results in the council refusing to grant licences, ordering the landlord to revert the property to its initial state and reducing the number of tenants in doing so. It’s important to bear in mind that while some properties may seem large and capable, the conversion to HMO can in fact be expensive and impractical, meaning there is little to no improvement in it. Luckily, our experience on the subject, attention to detail and honest approach will help provide you with a clearer vision with regards to the potential of your property.
Free HMO Consultancy
Please complete the form below to arrange a free no obligation HMO consultancy.