Milton Keynes commonly abbreviated ‘MK’ is a large town in Buckinghamshire. It’s the authoritative Milton Keynes borough with a population of 248,800 occupants in the urban zone according to 2011 statistics, and growing fast. This increase has led to an increase of HMOs in Milton Keynes as people look for accommodation. During this time we’ve specialised in HMO management in Milton Keynes as many high street agents just aren’t set-up to maximise the returns for landlords or look after properties on a room by room basis.
The area that transformed into the town had rich heritage whereby the range to grow the farmland parts and the underdeveloped town.
Among the thing that has facilitated its growth is the UK’s first Multiplex Silver screen that started in 1985 with around 10 screens. Milton has also been home to a number of great attractions for different age groups.
HMO Market in Milton Keynes
Since the 1980s, around 1.8 million council homes have been sold and the prime minister is pushing plans to fund the right housing association tenant’s extension.
Agents are even selling a four bedroom property for £170,000 in Netherfield and landlords charge up to £400/room averaging up to £400 euros per month. In more desirable areas and with higher quality properties rents can easily be between £500-600 for a double room. This is largely due to the restricted supply due to Article 4.
Need a HMO Management Company in Milton Keynes? We can help!
In Milton Keynes, around 2,400 council houses have been sold under the right to purchase. Although, there are claims that landlords are abusing the system that gives tenants the option to own their home rather than an investment to landlords.
These sales have brought about a shortage of affordable homes in the town. The families in short-term accommodation since 2010 has risen by around 710%. Currently, there are around 681 households for temporary accommodations in the town which includes B&BS, hotels and private lets.
It’s also hard for rough sleepers. Numbers have skyrocketed from 6 in 2010 to 48 as per the record in November.
According to the new licensing rule, all Milton Keynes HMOs occupied by more than four unrelated people sharing facilities must have an HMO license.
Before the scheme was limited to properties with 3 or more storeys but the new rule has changed this and made it mandatory regardless of the storeys numbers. If you want to own and manage an HMO in Milton Keynes, you should know the requirement. It is essential to plan to license according to the article 4 area. Article 4 and planning challenges have led to a shortage of supply of HMOs in Milton Keynes. The result is a great market for investors.
Even with that, landlords often have a hard time understanding the requirement and regulations in HMOs in Milton Keynes.
Who should have the HMO license?
The owner (landlord) or anyone nominated (like an agent or manager) can hold the licenses. To get the license you must:
- The proposed holder is a ‘fit and proper’ person
- be the most appropriate person proposed to have the license
- have management is up to the standards
- The HMO is suitable by the number of occupants allowed under the license. It should include the minimum set amenities standards and facilities
When applying for the license you’ll find questions that will enable the insurer to decide whether or not the property has met the given criteria for them to give the license.
The fit and proper person to get the license
The incense holder must be fit and proper to manage the HMO. The following must be considered for an individual to be a fit and proper person:
- Previous conviction relating to drugs, fraud, violence, and sexual offence.
- Whether He/she has broken any landlord-tenant or housing law
- Whether they have ever been found guilty of discrimination
- Whether they have managed HMOs and breached any code of practice.
The application form should be completed and signed declaring that the license holder is fit and proper. Landlords also should be aware of their duties and the tenants. You can ask a HMO management agent on how to handle the duties and if they can be classified fit and proper.
Applying for the license
A HMO license application form can be downloaded online or requested via email. An existing license can also be renewed by completing a renewal form.
The renewal should be applied two months before the expiration of the existing license.
HMO Management in Milton Keynes
With all this being said, there really is no substitute for a specialist that knows the market. We know the tenant bases, areas to maximise returns and how to market to achieve high quality tenants at the best room rates. If you’re looking for hands free HMO management in Milton Keynes or to improve your HMO profits, just get in touch with us.