Landlords Corner – Time To Prepare For EPC Changes
At the height of summer, it is likely you don’t spend too much time worrying about the heating system in your rental property. However, this is the ideal time to make changes, ensuring your rental property, and all the vital heating elements, are up to scratch before the temperature starts to fall.
There is also a lot to be said for being prepared for changes in the Energy Performance Certificate (EPC) regulations. Regular studies and surveys from a host of rental market specialists indicate landlords aren’t aware of the current rules, let alone changes that are set to come in over the next couple of years.
At Trading Places, we know you have too many things to consider to worry about every regulatory change, which is why we offer to manage everything you need for your rental property.
If you want complete peace of mind in running your rental property, without having to spend hours every week managing these matters, we are the agents you should trust.
Do you know the forthcoming EPC changes?
With 2023 moving at a fast pace, the 2025 EPC regulatory changes are getting closer all the time. Right now, your rental property must hold an EPC rating of an E or better to be fit for rental purposes.
When the new regulations kick in, new tenancies must hold an EPC rating of C or better. By 2028, this will apply to all tenancies, including existing tenancies.
There are penalties in place for failing to comply
Now, you might think five years is a long way away, and you might not even be a landlord in this time frame. This is true, and there are many more pressing matters to contend with. However, the necessary changes take time (and money), and the increasing penalties for non-compliance are worth bearing in mind.
Right now, the penalty for landlords who let out a property which doesn’t meet EPC standards (an E rating or better) is a fine of £5,000.
Under the new regulations, the fine increases to £30,000 for non-compliance. This is a wholly different matter, and the stronger penalty means landlords must consider their position in the market, and the improvements they need to make to meet the regulations.
There was a glimmer of light for landlords in recent weeks, after Michael Gove told the Daily Telegraph “I think we should relax the pace”, that ministers are “asking too much too quickly” of landlords.
We are always here to help
Many landlords struggle with paperwork, and staying on top of legislation, but we are here to assist you, ensuring your tenants receive everything they need in your rental property. If you are looking for guidance on the Leytonstone rental market, or you just want a helping hand in complying with rental market regulations, we are always here to assist you.
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