New laws that have come into force are set to affect anyone thinking of selling or renting commercial or residential property.
Are you thinking of selling or renting your property? Do you have a residential/commercial property portfolio? If the answer is ‘yes’ then an EPC is required by Law and must be fulfilled prior to a property going to market.
The Energy Act contains a number of provisions that will affect both residential and commercial landlords from April 2018. The legislation will make it unlawful to let residential or commercial properties with an EPC Rating of F or G. This could have very significant implications for landlords including:
- The rental of some properties would become impossible, unless they are upgraded to meet the minimum standards
- Valuations of such properties maybe affected
- Banks, mortgage brokers and pension fund providers are stating that properties should have a rating of E or better to be eligible for funding.
Given this risk to property owners it is clear, that a full understanding of the energy efficiency of your property should be undertaken.
- All residential and commercial properties need an EPC
- Where the rating is of F or G an energy efficiency plan needs to be put in place to improve the property
- Energy improvements should take place in void periods, lease breaks or during ongoing maintenance of the building
Landlords that do not comply with these obligations face a fine of £4000.00
Landlords must satisfy their obligations and check whether their EPCs are still valid, by confirming the date of the certificate to ensure it is less than ten years old.
All property owners thinking of selling a property must realise their importance. Companies renting out commercial property will also need to make sure of their requirements to avoid loss of income and unnecessary fines.
Expert Opinion provided by Property Search Group