By April next year the government will have implemented MEES (Minimum Energy Efficiency Standards) which will request privately rented properties to have an energy performance rating of E- as a minimum. Any of the millions of rented homes that are below the minimum rating today, have just seven months to raise the capital and make significant changes to their properties, which will come at quite a cost…
Private Landlords will be able to apply for a loan from a number of GDPs around the country since the sale of The Green Deal Finance Company to private investors means that costs towards making your property more energy efficient will be covered and repayments will be made by the tenants as the monthly payoff is included within their energy bill. Landlords and Tenants will both benefit from The Green Deal as Energy Bills will still go down and the improvements to the property will mean a more attractive space.
This all comes as great news to UK Landlords who have been worried about finding the funds to make upgrades to their properties in such a short space of time - especially Landlords who, unintentionally, rented homes due to inheriting after a death in the family or leaving a property empty when moving in with a partner - which reports released in 2014 suggesting 89% of UK Landlords are private individuals - proves many Landlords may have this problem.
So make your property more energy efficient before the laws change and could keep you from letting your property and result in lost income. Here is a link to The Green Deal Finance Company to educate yourself about this Deal.
At Palmer & Partners we hope this will reassure Landlords and Agents and if you do have worries still, do call your local branch for experienced and helpful guidance.