Living in my own HMO

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J
Julie
16 Posts
1 Thanks
Good morning
I have four lodgers and have realised I need to register as an HMO. I contacted the council to discuss and they are coming round next week to inspect and advise.I don't want to run foul of rules and do wish to fulfil my legal obligations, but am alarmed at the implications.

I understand that I will have to let my mortgage company know (residential mortgage) and have further learned that my mortgage company will not lend for an HMO, so it looks as though I will need to find a new mortgage provider. However, as I live here as well I am told I can't have a buy to let HMO mortgage. Is it possible to have a residential mortgage for an HMO where the landlord resides in the premises?

Also I've been told that once a property is registerd as an HMO it's difficult to de-register, ie if I decide to stop taking in lodgers and it reverts to residential this may not be recognised - seems odd but is this true?

I'm also told that being registered as an HMO will reduce the value of the property. Is this true - even though I maintain the property to a very high standard and still treat it as the much loved family home it had been for the last sixteen years?

I'm starting to wonder whether I have to ask two of my lodgers to leave, which would be a great shame as they love living here and being DSS tenants they may struggle to find alternative accommodation, also I find the income (all declared to HMRC) extremely useful so this would have a detrimental effect on my own circumstances.

Sorry, there are a lot of questions here, but I'm in a dilemma and would really value your advice.

Many thanks.
Julie
22/10/2013 06:07

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