Why Are EPCs Important?
If you have ever wondered what an EPC document is, it is documentation on properties regarding the environmental impact a property has in the surrounding area. The property can be rated from capital A to G. If it has the A rating, this is good, whereas the Rating is the worst that you can have. If it does have a higher rating, tenants are going to be more attracted to those properties, as well as potential buyers that may want to purchase them.
If you would like to obtain one, contacting a local inspector to inspect your property is the first course of action, professionals must be an accredited energy assessor, and you can also speak with your agent if you don’t know what to do. Once this is completed, they will create your EPC certificate for you. It will last 10 years until you have to renew. You may be interested in seeing ‘measured building survey‘.
Why Are These Necessary For Selling Properties?
You are legally bound, as a property owner, to have an EPC if you are trying to sell your home. The vendor is always responsible for ensuring that a valid EPC is available prior to market the property. If you have an expired EPC, you will need to speak with someone that can get a new one done for you. If you want to sell this through an agent, they can help you obtain one in the shortest time possible.
An EPC is also valued by those potential buyers that will want to know a little bit more about your property in terms of how energy-efficient it is, the type and amount of energy that it uses, and how much those costs are going to be. The EPC is also going to provide definitive advice on improving your energy efficiency which will, as a byproduct, reduce energy costs.
The solicitor for the buyer is going to ask for one of these documents, and if the EPC is not provided to them, the vendor can be penalized significantly.
EPC Regulation Changes That Will Affect Landlords Directly
It is possible that a landlord may be looking for someone to let their property, and if they do, an EPC must be presented. There are regulations for what is contained in the EPC, how owners must comply, but this is all going to change very quickly for both landlords and property owners. The MEES is going to be put into effect in April, something that is also referred to as the New Minimum Energy Efficiency Standards. By 1 April 2018, properties that do not have at least the E rating will not be allowed to be rented out. An example of this would change that will apply to tenancy renewals only or new lets. These will only apply, however, to new and existing tenants starting on 1 April 2020 and beyond.
Landlords are going to be responsible for fixing up properties that have an F or G rating, and they will not be able to charge someone else, such as their tenant, for these improvements. Landlords are going to be motivated to do this very quickly simply because it will be more appealing to potential tenants. When they believe that their energy bills will be lower, and they might be warmer, your home is going to be much more attractive. If the landlord is going through a void period, and must somehow come up with the money to pay for energy bills, both the tenant and the landlord are going to benefit from how much this home will help them save.
Both homeowners and landlords that want to sell their properties now, will benefit from the energy efficiency levels that each of their properties will achieve, plus they will also get a higher rating. The minimum rating right now is E, but this will change in the up-and-coming years, specifically because the government is going to do everything they can to reduce carbon emissions which begins with making properties more energy efficient.