Local Life - Wigan - March 2020

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32 Don’t risk a £5,000 fine! Landlords should already be aware of the legislation that came into force on the 1st of April 2018, namely that all new and renewed private tenancy agreements must have an Energy Performance Certificate (EPC) rating of E or above, otherwise it would be illegal to rent the property out (EPC ratings go A to G – A being the best and G the worst) Yet, from 1st April 2020, those rules will be extended to also cover existing tenancies, meaning that under the new legislation, properties with an EPC rating of F or G will be classed as unrentable, and that any landlord renting out an F or G rated homes will be liable for a fine of £5,000. There are still hundreds of Wigan homes such an F-rating flats and will all be illegal to rent out by April. Back in 2018, there was a loophole for Wigan landlords of F & G rated rental homes on new tenancies, where they did not need to upgrade the property for five years if it cost them money - yet back in April 2019 this exemption to improve rental properties was removed – so they too are included in these new rules. Therefore, this means that landlords must use their own cash to cover the cost of upgrading their property to at least an EPC band E. Now this requirement to upgrade the property is subject to a spending cap of £3,500 (including VAT) for each rental property, as landlords only need to spend what they need to, to improve their property to EPC rating E. In cases where a landlord is unable to improve their property to EPC rating E within the £3,500 cap, then they still need to spend their hard earned cash and carry out the most appropriate measures which can be installed up to the £3,500 cap, and then register an exemption (with 3 quotes from 3 contractors) for their property on the basis that all relevant improvements have been installed and the property remains below an E. If you are a self-managing Wigan landlord or a landlord with another Wigan agent, then feel free to call us and chat through any concerns with you have regard to these new regulations. The last thing you need is a £5,000 fine on top of the £3,500 improvement bill, and we can help you avoid this. One final point – Recent research has also acknowledged that some early EPC’s understated the thermal efficiency of solid walls and the Dept for Business, Energy and Business Strategy have now recalibrated EPC’s to give a truer result. This probably means that some solid wall properties, Victorian and Edwardian terraced houses and converted flats, presently rated F under an EPC will no longer demand any improvement works and certainly less building work may be required in the case of a G rated rental property. It might be wise for Wigan landlords who have had their rental properties for a while now to get a new EPC carried out on their property. This is something else we can help you with. If you are looking for an agent that is well established, professional and communicative, then contact us to find out how we can get the best out of your investment property. Email me on alan@alanbatt.co.uk or call on 01942 233999. Alan Batt is a member of The Royal Institution of Chartered Surveyors (RICS) and has worked within the Wigan property market for over 30 years. Alan Batt For more of Alan’s tips, guidance and analysis on the Wigan property market, check out www.wiganpropertynews.blogspot.co.uk
33 It’s time to sell! 1.3 million There have been 1.3 million new UK buyer enquiries in the month since the election (13th December to 15th January), a 15% increase on the same period in 2018 2.3% A 2.3% monthly increase in the price of properties coming to the market was also reported, the biggest monthly surge ever recorded for this time of year 6.8% Provisional figures from the HMRC suggest a 6.8% year-on-year rise in sales volumes in December There’s never been a better time to sell your home! Call me now for a FREE valuation. Alan Batt T: 01942 233999 E: alan@alanbatt.co.uk 78 , Market Street, Wigan, WN1 1HX Source: Dataloft, HMRC
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Local Life - Wigan - March 2020

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