EPCs are only usually required for sales and lettings, or to apply for funding schemes such as the RHI or FIT payments. Sometimes, however, a bank may request an EPC as part of a remortgaging or a loan application.
Why does my bank need an EPC?
When a bank requests this, it is usually because the property is either being lent against directly or is being used as collateral for the loan. The bank want the EPC to ensure that the property at least has an E rating – if the rating is below an E, the value is going to be affected because it can not be legally let without improvements being made or an exemption applied for. This type of EPC is completely voluntary – i.e. there is no legal requirement for the EPC. If you want to get your loan or remortage etc. you will need to get the EPC done however and get a good enough rating.
It might seem a little odd, but this process is completely discretionary and something the bank is requiring only. It can be annoying to have to go through this process, but it will at least mean you have a valid EPC on file for the next 10 years, and you won’t need to get a new one should the property be let or sold in future.
What to remember
Remember to always check if you already have an EPC lodged previously against the address – often banks forget to mention that an existing certificate is perfectly acceptable, and clients may end up paying for an EPC which is unnecessary. You can check by visiting epcregister.com, or ndepcregister.com for commercial buildings.
If you need an EPC, you can always get in touch and we will get you booked in straight away! Whatever the reason for your EPC, we will be happy to help and ensure you get the best rating and the swiftest service possible.
Great post, it’s a point a lot of first-time buyers probably don’t consider, Making sure you have an up to date EPC and how to check it.