Does your #investment comply with #EPC changes in time for your next void period? Ask #Spencer #Sheffield

Energy Efficiency Regulation Changes

The government has decided that tenants in low energy-rated rental properties spend significantly more on energy bills than those in high energy-rated properties. According to figures, over 33% of tenants are reportedly unable to afford their fuel costs, this rises to 45% for tenants in F/G rated properties. 

If your rental property already has an energy efficiency rating of E or above, then you are already compliant and can relax FOR NOW.   If not then you need to start to think about what changes you need to make to improve your properties energy efficiency rating.

From 1^st April this year ALL rental properties with new tenancy agreements signed MUST have an EPC rating of at least an E, if you already have a tenant living in your property before this time who is happy to continue without signing a new tenancy agreement then you are safe FOR NOW.    These regulations will be extended to landlords of existing tenancies whether a new tenancy agreement is signed or not by 2020.

Things to do if you have a low rated EPC

1.       Check the recommendation section on your current EPC, this will advise you on what changes can be made to increase the rating. Some may be small others may be more expensive.  

2.       Speak to the assessor who did your original EPC as they may have more in depth advice without spending too much money.

3.       Make the changes in plenty of time of your next void time and have a new EPC generated

4.       BE COMPLIANT to avoid fines of up to £5,000 PER property.

If you need help or advice please contact our team at Spencer so that we can help you make sure you comply before the next void period so that we help to mitigate any losses. 

Call Lynn, Emily, or Ash now on 0114 2683682 

www.spencersestateagents.co.uk 

EPC CHANGES FOR 2018 #Spencer #wearespencer #Sheffield #Property #Blog

EPC CHANGES FOR 2018

If you are renting a property out you should be already be aware of the EPC (Energy Performance Certificate). Up until recently there has simply only been the need to have an EPC visible on a property to let it out and the tenant must be supplied with a copy on the move in date. However, as of 1^st April 2018 there will need to be a minimum energy rating needed to rent out a property in the private sector.  As of this date, new lets and tenancy renewals must have a minimum energy performance rating of E. This will come into force for all existing tenancies on 1st April 2020.

Any Landlords who do not comply with this new rule should not rent out their property however if they do still proceed to tenant it with a rating below E the property would be deemed to be substandard and not fit to rent. Trading Standards could be able to impose a fine of up to £4,000. Due to this, we are encouraging our landlord’s to check their EPC readings now and get any works need doing asap so there is not a mad rush nearer to this date.  I am sure contractors will be very busy close to 1^st April 2018. Some properties may only need a few little things doing to improve the reading while others may need substantial works.

There are various different methods that can improve the EPC readings. Firstly, the cheapest things to do are getting a smart metre for the property as accurate usage of energy used can help. Low energy lighting and light bulbs can also benefit this. It can be as simple as changing a light bulb. Have adjustable thermostats fitted on radiators to make sure you are not heating empty rooms unnecessarily. Most of a building’s heat is lost through poor sealing of doors, windows and through poor insulation in both the roof and walls. There are government backed incentive schemes to help reduce the cost. Renewing or adding if not already present, new window and door seals can eliminate drafts. Insulation in attics should always be installed or if already present, renewed and thickened.  Whilst it can be quite a big job having cavity wall insulation put in, it will significantly improve the EPC reading. Getting a new smaller more modern boiler can reduce energy bills as they are now made to run a lot more efficiently.

When the assessor goes to the property to carry out the EPC tell him all about the insulation you have had fitted, smart reader, new low energy light bulbs etc. Ask them to take in to account any changes and improvements made to a building since the last EPC. Don’t be afraid to tell them and show them as it will help with the reading.

Energy efficient properties with a better reading will have greater appeal to purchases and investors and this will show in pricing of properties. Therefore, if your property is on or below E on the energy rating we fully recommend you start making changes sooner rather than later.

If you need any further information regarding EPC’s or anything relating to renting your property out, please do call the office on 0114 2683682, email rent@spencersestateagents.co.uk or just pop in to the office at Spencer The Estate Agent 496 Ecclesall Road, Sheffield S11 8PP for a chat.