Ellie saved a landlord for making a costly mistake today.
A landlord called us to tell us about a property he had agreed to buy. He wanted to know a rental figure he could expect.
During Ellie’s due-diligence she noticed the EPC which was carried out in August this year was only rated G
All properties rented need to be at least an E and this will increase to a C in 2025
If the landlord went ahead and purchased this property he would not be able to legally rent it.
This would have left him with a property he paid £160,000 for which he would not be able to receive an income from before spending thousands on upgrading the property (Which was sold to him as a refurbished property).
To make matters worse the estate agent selling the property knew the rating of the EPC and that their buyer was going to rent the property out but did not advise him of this. 😲
If you ever have any questions renting or buying, please do not hesitate to call us, it could save you thousands of pounds.