Meeting the forthcoming energy efficiency requirements
In April 2018 new EPC rules for rented properties come into effect as Chris Longhurst, consultant mortgage broker summarises.
Back in 2015 it was announced that from 1 April 2018 residential landlords in England and Wales would be required have a minimum E-rating Energy Performance Certificate for each of their privately rented properties.
Specifically, this will apply to either new tenancies, where the tenant is new, or an existing tenant signs a new/extends a tenancy agreement.
Landlords will be able to let out F- and G-rated properties until 1 April 2020 for the remainder of existing rental contracts, but will not be able to renew a contract or let the property to someone else until it is brought up to an E rating.
Local authorities can enforce landlords to comply with the regulations and impose fines of up to £5,000 per property on those who don’t!
Whilst these regulations may still be a year away, if you are like me, the first couple of months of 2017 have flown by so it is probably worth thinking about doing something now if you haven’t already!
Practically speaking, older properties will no doubt need more attention than newer ones.
Where to go for more information:
- The government website: Gov.uk.
- Landlord associations, i.e. NLA, RLA
- EPC rules for landlords in North Ireland
- EPC rules for landlords in Scotland
What is an Energy Performance Certificate?
Energy Performance Certificates contain information about a property’s energy use and typical energy costs, and recommend ways to reduce energy use and save money. They are rated from A (most efficient) to G (least efficient) and are valid for 10 years.
Next time I’ll talk about electrical safety for rental properties but in the meantime, if you have any property finance requirements, do get in touch on my direct line: 01732 471607.
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