Press release -
Insurance specialist asks: Could you be an HMO landlord?
UK landlords are being urged to check that they have not become an ‘accidental’ HMO landlord. With even professionals such as letting agents, lawyers and landlords themselves often unaware of the fact that three unrelated people living in a property may typically be classed as occupants of an HMO, these property owners could be breaking the law and facing a stiff financial penalty.
Steve Bradley, MD of one of the UK’s leading property insurance broking websites, UKinsuranceNET.com, explains: “There are genuine, law-abiding landlords who may not realise that their let property is actually classed as an HMO – meaning he or she needs to be HMO compliant and have a local authority licence, meet minimum room size requirements, and put in fire doors etc.
“In addition, landlords who have a buy to let mortgage on an HMO will need to inform their mortgage provider, as well as make sure they have specialist HMO insurance, as standard landlord insurance typically only covers one household – not several.”
Mr. Bradley adds: “Some landlords may also think their let property consists of several bedsits, when again it is actually classed as an HMO, which is completely different and needs to meet different regulations.
“Failure to meet those regulations could see even an ‘accidental’ HMO landlord face substantial fines. That is why we always recommend that landlords who are not letting to a single household in one property speak to their local authority for clarification.”
UKinsuranceNET have also produced a free guide on HMO insurance which can be requested as a download from here.
Ends
Contact:
Stella Hulott, Speedie PR, Tel: 01843 831088, email: stella.hulott@speediepr.co.uk
Related links
Topics
- Web media
Categories
- hmo insurance
- hmo property insurance
- accidental hmo landlord
- what is an hmo
- ukinsurancenet
- hmo
- landlord insurance
About UKinsuranceNET.com:
UKinsuranceNET is one of the UK's leading online insurance websites, having grown at an incredible rate since the company was started in 2001.
The company is now recognised as one of the leading independent brokers offering bespoke products for landlords insurance, unoccupied property insurance, home and all other property protection products for both residential and commercial property.
Wherever possible UKinsuranceNET is able to offer online and immediate quotes and cover for virtually every type of property risk.
From the outset, the goal was to offer superior service - on both the internet and phone - while using technologically advanced back office systems and underwriting to keep costs and premiums low.
The company now has tens of thousands of customers and its range of websites continues to grow and attracts thousands of new customers every month.
UKinsuranceNET is authorised by the Financial Conduct Authority to act as an Insurance intermediary. Our FCA registration number is 300859. The company is also a registered member of the British Insurance Brokers' Association (BIBA).
