HMO license application

HMO Licensing

I have let my property to three students who are all named in the ASTA. I have a smallish 3 bed property. I have also taken deposits which have been protected under the Government TDS scheme.

The London Borough of Ealing wrote to me two months ago to say that I had to apply for an HMO license. This is because there are more than two households living in my property. The paperwork is tricky and requires that I have to submit an electrical inspection cert as part of the application. The HMO license will cost over £500 as well. I am sure there are many landlords in the same position as they have more than two tenants living in their properties. My question is - Do i need to apply for a license. Is there a way around this? How are other landlords managing this issue?

Even more worrying is that my agent tells me that an HMO license on a property could devalue my property and affect future sale prospects because lenders do not like to lend on licensed properties.

I wish to comply with the law but am finding the plethora of emerging legislation quite intrusive and expensive.

Thanking you in advance!