The duration to convert a residential property into an HMO Property depends on what you start with. You may need to change the room layout, ensuring rooms meet the minimum sizes. This can take up significant time.
The property may only need new fire-doors and fire alarm systems and basic tidying up. This can be completed quickly if you have a team ready to go.
Cash Purchase or Short-Term Finance is required to convert the property. You will typically take out bridging finance for six months. Though with a good mortgage adviser and you prepared, you can exit the short term finance earlier.
Whilst you initially pay the six months interest on the short-term mortgage upfront. If you exit the mortgage within 2 months. You can typically expect a refund of the remaining 4 months interest.
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