Further MEES Regulations For Levenshulme Landlords
If you are a landlord, you know that there is a wide range of matters to contend with. There will be people who think that dealing with tenants is the biggest issue for landlords, but this is just one small component of what landlords must deal with. For many professionals in the letting sector, dealing with regulations is the biggest barrier to success, and it is difficult for landlords to stay up to date with the latest regulations in the letting industry.
At Peter Anthony, we are keen to support local landlords in Levenshulme as best we can and providing information regarding regulations is an important service we offer. Hopefully you are aware of the MEES regulations that were introduced in April of 2018. This regulation means that landlords looking to offer a new let had to hold an EPC rating of at least an E for their property.
MEES regulations will update in April of 2020
However, in April of 2020, the regulations will be updated and MEES requirements will apply to all rental agreements and properties. If you are a Levenshulme landlord and you have been letting to tenants for a lengthy period, this will apply to you. All existing rental agreements will only be allowed to continue in properties that hold an EPC rating of E or above, so all Levenshulme landlords must be aware of this change.
If your property doesn’t comply with this regulation, now is the ideal time to make changes. While the cost of making repairs or improvements at your property may not be too enticing an activity, the threat of void periods will likely be more concerning for most landlords. It is always best to be proactive as opposed to be reactive when it comes to the rental market, which is why you should be aware of regulatory changes that will happen in the foreseeable future.
It is understandable that some mortgage lenders have been warning landlords of the upcoming regulations while stating that some landlords will have to obtain funding to improve their home. This will be the case for some landlords, even for Levenshulme landlords, but it should be noted that most rental homes in the UK do comply with a minimum of an E rating with respect to the EPC.
New regulations can be a catalyst for change
Many landlords feel that the raft of regulatory changes implemented by the Government can be harmful to their business but most people who are penalised under the new rules are rogue landlords or landlords who offer a substandard service. It is important to not get carried away with respect to what limitations are imposed on your business, but equally, some landlords will view the regulatory changes as an incentive to make improvements at their home.
Improving the energy efficiency of the property adds value to the property and it can lower the cost of heating and energy bills for your tenant. In a competitive market, some tenants will prefer accommodation that is energy efficient so carrying out improvements can have a positive impact on your activities as a landlord.
If you are a Levenshulme landlord looking for help in staying in touch with regulations or you want assistance in running your business, please get in touch. At Peter Anthony, we are local lettings specialists and we look forward to helping you make informed decisions.