@@savoysproperties thank you! Just adding onto this - bar using the formula (total annual rent-25% / area yield) would there be anything else that can give you a more specific GDV? And how is there a way to work out the area yield and cap rate for each area?
How is possible that you get hmo licence ? It's usually not that easy to do . Going through planning only to be rejected as the LAs are saying there's not enough residential family homes so change of use gets denied. I would have thought they would prefer flats over hmo ?
Licence & Planning are different. Licence is do with Fire Safety for the occupants and Planning is do with change of use. It is permitted development to convert properties to HMOs as long as there isn't a Article 4 in the area.
@ammfbht3047 we're not referring to the HMO licence, which is different from planning permission. Planning permission is there for changing the use from a house to an hmo (up to 6 bedrooms). This can be done under permitted development. You can request a certificate of lawfulness from the council for this to make certain your intended permitted use is actually lawful, but you do not need to make a full planning application. An HMO licence is still usually needed depending on each councils specific requirements. This is so you meet specific fire, safety, space, and living standards for the tenants. Once you have changed the use of the property, you can apply for an HMO licence from the council they will usually come and check that the property is fit for purpose.
@dillyraf5422 got it, did a little research just and it seems in Bham there is a city wide article 4 direction. Therefore I assume there's no point requesting for the planning for change of use :(
Great Video!
Great Video 🔥
Thank you!
How do you guys get the set GDV valuation? Through specific lenders/brokers?
Great question ^^^
We will do a video on this for you!
@ Thanks guys. Love the videos. Your editor is next level!
@@savoysproperties thank you! Just adding onto this - bar using the formula (total annual rent-25% / area yield) would there be anything else that can give you a more specific GDV?
And how is there a way to work out the area yield and cap rate for each area?
How is possible that you get hmo licence ? It's usually not that easy to do . Going through planning only to be rejected as the LAs are saying there's not enough residential family homes so change of use gets denied. I would have thought they would prefer flats over hmo ?
Licence & Planning are different. Licence is do with Fire Safety for the occupants and Planning is do with change of use. It is permitted development to convert properties to HMOs as long as there isn't a Article 4 in the area.
Upto 6 bedroom is permitted development
@dillyraf5422 thankyou for this I had no idea you could house 6 persons without hmo licence considering article 4 ofcourse.
@ammfbht3047 we're not referring to the HMO licence, which is different from planning permission.
Planning permission is there for changing the use from a house to an hmo (up to 6 bedrooms). This can be done under permitted development. You can request a certificate of lawfulness from the council for this to make certain your intended permitted use is actually lawful, but you do not need to make a full planning application.
An HMO licence is still usually needed depending on each councils specific requirements. This is so you meet specific fire, safety, space, and living standards for the tenants. Once you have changed the use of the property, you can apply for an HMO licence from the council they will usually come and check that the property is fit for purpose.
@dillyraf5422 got it, did a little research just and it seems in Bham there is a city wide article 4 direction. Therefore I assume there's no point requesting for the planning for change of use :(