Partnering with Purseglove for HMO Success

Location

As someone with experience in property investment, particularly commercial property, making the leap to HMOs was a logical step that would allow me to increase my cash flow. I thought I’d struck gold when I found 1 Clifton Place, an HMO already up and running, but with significant potential for improvement. Having made contact with Rich and his team at Purseglove Property, it quickly became clear that this was going to be more complex than I thought. Rich pointed out that no tenancy paperwork had been issued to the current tenants, including the compliance paperwork which is a legality. Since the property was nowhere near up to the standard required to obtain a new HMO licence, the tenants would not be able to remain in the property. Rich warned of the potential costs involved in taking on this problem. That’s when Purseglove Property stepped in, and I can’t overstate the peace of mind I felt from that moment on.

From the get-go, Rich and his team were more than just a letting agent; they became my ‘trusted partner.’

They suggested that we make it a condition of the purchase that they be allowed to act on behalf of the seller to issue all of the correct paperwork, ensuring that I had everything in place once the sale went through. This saved me thousands in potential legal fees and gave me the confidence to proceed with the purchase. I knew they had my back, especially since I was hours away from Mansfield. But their involvement didn’t stop there. They advised me on refurbishment costs and took over the initial management of the property, dealing with tenants who had been there for years and handling it with the utmost sensitivity and professionalism. When one tenant dug his heels in, despite them going the extra mile to help him, Purseglove Property prepared all the court documents and even represented me at the hearing. They then took on the role of project managers for the refurbishment, scoping and creating a schedule of works and managing the entire project.

Once the refurbishment was complete, they fully tenanted the property within a couple of weeks and even assisted in getting a commercial valuation that exceeded my expectations, allowing me to reinvest in another project. The ROI was fantastic and the entire experience allowed me to be largely hands free. They really did provide a bespoke, end-to-end solution that gave me peace of mind at every stage.

What sets Purseglove Property apart is their commitment to ‘doing the right thing.’ Throughout the entire process, their experience and local area knowledge were invaluable. But most importantly, they built a relationship of trust and integrity with me, giving me the confidence to make informed decisions at every turn.

So, would I recommend Purseglove Property? Absolutely! Not just for their expertise and value for money, but for their genuine commitment to their clients’ success. I can’t thank them enough!

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Suzi Carter

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HMO Management

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