Under new legislation, from 1st October 2008 landlords will be required to have an Energy Performance Certificate (EPC) for their property before they can market it to prospective tenants. Those who do not will face a penalty of £200 from the Office of Fair Trading.
Letting specialists Leaders - one of the UK's largest independently owned letting agencies - is seeking to make all landlords fully aware of the introduction of EPCs well in advance of 1st October to ensure that they are not delayed in the marketing or letting of their property, which could result in a costly void period.
Says Leaders' Technical & Compliance Director, Carole Charge: "With effect from 1st October, private landlords offering a property for rent will be required to show prospective tenants an EPC which will detail its energy efficiency rating. The EPC must be given when any written information about the property is provided or when a viewing is conducted. In addition, it must always be handed to the actual tenant at the commencement of the tenancy."
The EPC will show how energy efficient a property is, rated from A-G with A being the most energy efficient and G the least. It will also make recommendations on how to make the property more energy efficient.
Says Carole: "It is not compulsory to follow the recommendations but tax savings and grants are available to landlords for improving energy efficiency, for example: installing a self-condensing boiler; fitting energy saving light bulbs; improving roof, cavity wall and floor insulation; fitting thermostats to control radiators and hot water cylinders; and installing double glazing. We believe that as tenants become more aware of EPCs, and begin to make comparisons between properties based on their energy efficiency ratings, those that are more energy efficient will be easier to let."
To give landlords a full understanding of the new legislation and how it will affect them, Leaders has produced an EPC Fact Sheet, which is available from your local Leaders branch.
