H

Higher lending charge

An up-front, one-off fee paid to a lender to protect them against the borrower defaulting on the loan. Usually charged on mortgages over 75% of the house value.

Homebuyer’s survey and valuation

This is a survey report, which is not as detailed as a structural survey, carried out by a chartered surveyor to assess the state of a property and its value.

Household insurance

An insurance policy that protects against loss or damage to the property caused by fire, some natural causes and acts of vandalism. Also see Buildings insurance and Contents insurance.

Houses in Multiple Occupancy (HMO)

The broad description of an HMO is as follows:

A building or part of a building (a flat) in which live two or more households comprising a total of three or more people (as their only or main residence) who share one or more basic amenities (cooking or washing facilities) and for which at least one of those persons pays rent for that use and occupation.

An HMO is subject to Mandatory licensing if all the following apply:

The building or part of the building is classed as an HMO (see above), and, the property is or more storeys of three floors ( including basements, mezzannies, loft rooms etc), and, it is occupied by five or more people and where these people live as two or more households.

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