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A ticking time bomb?

There`s still plenty of time and probably most properties will comply, but for some the implications of The Energy Act will come as a shock, and in some cases they could prove rather expensive. From April 2018, (1 April 2018 is a long-stop date and the rules could come into effect earlier) it will be against the law to rent out both residential or commercial premises, where a minimum energy efficiency standard has not been achieved. The minimum rating that premises will have to meet has not yet been confirmed but the Department of Energy & Climate Change suggests that this is likely to be EPC rating ‘E’, but this could change.

Once this comes into force, landlords will not be able to let that property until appropriate energy efficiency improvements have been made. This means that landlords of buildings that are currently rated ‘F’ have some time to make the necessary improvements.This could mean money to spend and loss of income.

April 2018 still seems ages away, but for the owners of low specification properties there is lots of planning or works, possible of organising of finances and the practicalities of major works. Surveyors and valuers should already be considering this aspect for valuations and surveys. For some, sale will be the chosen option.

So, with less than 3 years to go, why not grasp the nettle in plenty of time, and if you think your property which you will want to rent out is marginal, take some advice, face the facts and defuse what otherwise could be a ticking time bomb! It could prove expensive if you already own such property. Don`t get caught out and unknowingly buy one! Get advice!