Buyers looking to invest by converting existing properties from a single dwelling to an HMO (Houses in Multiple Occupancy) could soon face tougher restrictions enforced by local councils. The buy-to-let market has been an attractive area for many buyers as there is a large population of young professionals and students seeking rental properties throughout the UK.
Local authorities now have the option of implementing Article 4 directions to limit planning permission for HMOs and their size, which could interfere with the plans of purchasers seeking to gain from the profitable rental market.
Sheffield City Council (Development Services, Howden House, 1 Union Street, Sheffield, S1 2HH) is one of the local councils that have placed limits on planning permission for multiple occupancy properties. Landlords or property owners who are considering converting a ‘dwelling’ to a HMO must contact the council who will then carry out an assessment to calculate whether the property is in an area where there is already a concentration of HMOs which could prevent it gaining planning permission.
This is also something that can be brought to the attention of your Conveyancing Solicitor during your purchase transaction if you are buying-to-let to avoid disappointments after you have purchased the property.
If you need to instruct a Solicitor for your Conveyancing in Sheffield for buy-to-let investment purposes, get a quote online, or call our Fridaysmove team on 0800 038 6446.