Landlords – Don’t get caught out by changes to energy rules
A change in the law could hit landlords with some large unexpected expenses if they’re not prepared. One such change has been the recent Government decision, which will come into effect on 1 April 2018, to require private rental properties to meet a minimum level of energy efficiency.
The move relates to Energy Performance Certificates (EPCs). In layperson’s terms, EPCs rate the energy efficiency of a property from A to G (A being the most energy efficient).
They also contain recommendations on where you could make energy saving improvements.
The government plan is to ensure all EPC rated properties on the rental market are a least an E. This means it will be unlawful to rent out properties with an F or G rating.
I’ve already had several discussions with landlords about what this will mean for them. One thing is certain: people purchasing buy to let properties will need to factor in any extra costs this change could bring.
The costs could be big enough to scupper any deal so ensure you seek advice from a professional letting agent.
Contrary to some media reports the buy to let market is still a very active one and people continue to invest in this sector, especially in West London with its high number of renters.
Thanks for reading.