Another month has arrived and another new regulation for the Lettings industry is in place! This time it’s EPC’s or Energy Performance Certificates that are in the frame. Although this may not have you joyous with anticipation, please stay with us as these changes have big implications for Landlords and investors!
Here’s the info you need to know:
- EPC’s or Energy Performance Certificates have been required for all private rented tenancies since October 2008. New regulations coming into effect from April 1st 2018 mean that it will be illegal to grant a tenancy on any property with a rating of F or lower. And from 2020, it will be illegal for any existing tenancies to have an EPC of F or below.
- The obvious implication for Landlords and investors is that for properties that don’t meet the required rating, works may be needed to bring them up to standard and a re-test carried out to confirm the updated EPC rating.
- Depending on the age and condition of the property, these works could be substantial and potentially costly, but could equally be minor works or even already have been done in the course of normal maintenance, for example if new windows have been fitted since the last EPC was carried out. Any Domestic Energy Assessor will be able to advise and confirm this with you.
- Bear in mind also that technically speaking a periodic tenancy means that a new tenancy is granted every month as the tenancy rolls on. Therefore even if you have an existing long-term tenant, if they’re on a rolling contract, these works may be needed immediately.
- If you’re a Landlord, don’t worry – Four Walls will be conducting an audit of all our EPC’s and contacting any of our Landlords who fall into the above categories. We can advise you of any improvement works that may be needed and put you in touch with contractors if necessary.