Since 2008, Energy Performance Certificates or EPCs have been a legal requirement when almost any property is constructed, sold or let.
Natalie May, estate agent at Henry Wiltshire Canary Wharf, explains more. “Landlords and sellers shouldn’t underestimate the importance of the EPC. As well as showing potential buyers and tenants the energy efficiency of the property, it’s also a legal requirement and the responsibility of the seller or the landlord. Not having an EPC can seriously delay both sales and lettings.”
Why do I need an EPC?
An EPC is a legal requirement when selling or letting a property and you may have to pay a fine if you don’t have one.
It’s also a clear way of showing potential buyers or tenants how energy efficient the house, flat or commercial premises is, enabling them to make an informed decision and budget for gas and electricity costs.
New legislation, due to be implemented in April 2018, states that properties rated F or G (the poorest energy efficiency rating) will no longer be legal to rent. Understanding the rating of your property before you attempt to rent it out will enable you to make improvements before the new legislation comes into force. You can read more about bringing F and G rated properties up to standard here.
When do I need an EPC?
If you bought your property before 2008, you may not have an energy performance certificate. However, if you are selling or letting it now, you will need an EPC.
Ideally, you should have a valid EPC before you approach an estate agent to sell or let your property. If that’s not possible, you should at the very least have contacted an energy assessor and set the EPC wheels in motion before your property can go on the market.
An EPC is valid for ten years. Depending on the length of the period between buying and selling a property, it may be possible to use the EPC from your original purchase. Landlords, who might have new tenants every year, can use the same EPC from year to year until it expires.
Who can issue an EPC?
EPCs can only be issued by an accredited energy assessor. Your estate agent will be able to connect you with an assessor, to make sure that the EPC is completed in time. Your energy assessor will also publish the EPC to the public register.
How much does an EPC cost?
Prices start at £35, but vary between different accredited energy assessors.
Buy, sell and let property in Canary Wharf
If you have any questions about EPCs or anything else to do with letting, Natalie and the team at Canary Wharf can help. To buy, sell or let your East London property, call the Canary Wharf office on 020 7001 9160.