Research from buy-to-let specialist lender Paragon Mortgages has found that 55% of landlords do not know that they will be legally required to provide prospective tenants with an Energy Performance Certificate from 1 October.
Failure to comply with the regulations could result in a £200 fine and prevent the landlord from marketing a property, resulting in unnecessary void periods.
Paragon research also reveals landlords are unaware of the financial help available to improve a property's energy performance, with 86% admitting that they hadn't heard of the Landlord Energy Saving Allowance (LESA). The LESA is a tax allowance that lets landlords claim up to £1,500 on their tax return against the cost of buying and installing energy saving items, such as cavity insulation.
To help landlords with the new regulations, Paragon has produced ‘The Landlords' Guide to EPCs', a comprehensive interactive guide to the EPC requirements.
The guide includes a detailed question and answer section, information on how the EPC works, and advice on grants and financial assistance to improve the energy performance of a property, in addition to top tips on how to improve a property's performance. It can be downloaded from the www.paragon-epcs.co.uk website.
John Heron, Paragon Mortgages' managing director, says: “Landlords need to ensure they are ready for October 1, otherwise they could find they cannot market their property for let. Burying your head in the sand is not an option.
‘Making sure you have an EPC in place early will reduce the threat of void periods, as well as avoiding the possibility of an expensive fine. The Government has targeted domestic energy use as a way of reducing carbon emissions and landlords have to play their part.'”
