More than half of all landlords are unaware of new energy efficiency requirements for rental property, due to come into force in October, according to Paragon Mortgages.
Paragon says landlord are risking fines for failing to comply with the new legislation, and will be unable to market their rental property until they comply.
A survey of landlords found 55% do not know they will need to provide prospective tenants with an Energy Performance Certificate (EPC) from 1 October.
Many were also unaware of financial aid available from the Government to improve the energy efficiency of rental property. Almost 90% of landlords had not heard of the Landlord Energy Saving Allowance, which allows landlords to claim up to £1,500 on their tax return against the cost of buying items such as cavity insulation.
Landlords who fail to comply with the new EPC regulations could face a fine of £200, and will be unable to market their property for let, which may incur expensive void periods.
John Heron, managing director of Paragon Mortgages, comments: “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.”
To help landlords meet their EPC obligations, Paragon has produced a guide to EPC requirements, which is available from its website.
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