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Transcript of 1947 Club
Should the regs be taken seriously?
Energy efficiency is already a statutory requirement when selling/letting a property, but there is very little emphasis on the issue.
View of the market/case studies of deals being undone due to energy inefficiency
Bank lending requirements
Lack of consent
Return on investment
Effect on reversionary value
Register of exemptions
What do I need to think about?
Private Rented Sector - MEES Regulations (Non-Dom)
Regs made 26th March 2015
Minimum Standards in force 1st Oct 2016
Regulations will apply from 1st April 2018
Letting sub standard property prohibited from 1st April 2023
What will the Regulations require?
How seriously should the Regs be taken?
the Regs should be taken seriously, just how seriously?
What is the requirement?
Timetable for compliance (void/sitting tenant)
Leases in scope
Is 2018 not a long way off?
6 months until tenant can make a reasonable request for improvement
Incentives to deal with it now (capital allowances)
If you don’t deal with the issue during a void, must comply with terms of lease
Lease will govern terms on which actions can be taken, and in some instances will be impossible to carry out retrofit in compliance with terms of lease (rent concessions?)
What gives biggest "bang for buck"? i.e. greatest improvement in energy efficiency with lowest impact on tenant?
Even if non-intrusive works don’t get the landlord all the way there, do them in advance to minimise works which need to be done during voids/period of rent concession
Will tenants ever agree to works being carried out or pull out of a deal purely due to an inefficient property?
Indirect costs of energy inefficiency already exist (tax burden, CRC), in addition to the direct impact on utility bills.
Green issues are only going to get pushed higher up the agenda, and energy costs are likely to only travel in one direction.
At some point, the cost of occupying an inefficient building likely to become a commercial consideration for tenants.
The Regulations may be impacted by political events, but energy efficiency likely to remain a concern regardless.
Impact of the Regs should be considered, ideally
The exact impact has yet to be determined.
Opportunity for impacts to be minimised with planning in advance.
Evaluate Simulate Appraise
Before Plan After