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Wednesday, June 23, 2010

RIP HIPS but hello EPCs

Three weeks on from the suspension of Home Information Packs, a government move which according to some sources will cost 10,000 jobs and £100 million in lost VAT revenue, the property world now regards HIPs; THANK GOODNESS; as an ill-conceived memory.

The fact is that despite HIPs biting the dust a landlord who markets their property for sale or rent still needs an EPC.

Many landlords have been holding off getting an EPC perhaps thinking that the EPC will go the same way as other unwanted landlord legislation such as the proposed landlord licence or HMO planning controls.

The answer is it wont. Chris Grant of EPC Choice highlights the difference between the EPCs and other pieces of landlord legislation in simple terms.

"EPCs have come straight from the legislative books of Brussels and are a European directive. This means that unlike the landlord licence the new Coalition can't scrap them even if they wanted to."

The reality is that landlords are saddled with the need to get an EPC which once purchased stays in force for 10 years. Failure to get an EPC could lead to a fine of £200 from a trading standards officer.

Chris Grant of EPC Choice points to the positives of the EPC:

"If you have obtained an EPC, the document may be worth more than the cursory glance often given to other certificates. The EPC will in the near future open the door to government funds towards a huge array of eco friendly improvements to Landlords property. The governments Green Deal will see property owners awarded grants of £6500 repayable over 20 years from the savings made on fuel bills."

With the Coalition flexing their green credentials there may still be an upside to the EPC even if for now they appear to be just another box ticking exercise for landlords to go through.

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Tom said...

It's galling that the single most utterly pointless, useless part of the HIP is the part that remains.

I have just had one done for a property I am selling. If I hadn't had to pay for it, it would be funny. The guy couldn't get access to the loft because he wouldn't go up my step ladder, so he has assumed there is no insulation. He has assumed there is no stat on the hot water cylinder but didn't even ask me if there was one. He was in the house no longer than 20 mins: all he did was measure the rooms and count the light bulbs.

I haven't even given the EPC to the estate agent yet but have had an offer. The purchaser didn't ask for the EPC.

Hawkeye said...

We can blame this one on Europe and not the coalition Tom, their hands are tied.

An inconvenient truth, or was that a convenient truth considering our shortage of fossil fuels.

We'll find out in about thirty years time.