Sustainability Flashcards
What is RICS guidance on sustainability?
I am aware of RICS Sustainability and ESG for commercial property valuation
Roughly how much does the built environment contribute to global carbon emissions?
40%
What properties are exempt from obtaining an EPC?
Listed buildings, buildings that have no heating, religious buildings
What types of properties require an EPC?
All commercial buildings over 50sqm that are newly built, sold and let for more than 6 months
All existing leases on commercial buildings as well as new leases
How long does an EPC last for?
10 years
What is an EPC?
Energy performance certificate. It is a calculation of the energy efficiency of a building
What are the EPC requirements for marketing?
EPCs must be commissioned within 7 days of the commencement of marketing
What does an EPC have to show?
Address of the property
Floor area
Rating
Certificate reference number
Estimation of energy running costs
What is the purpose of an EPC?
Gives tenants and prospective purchasers information on the energy efficiency and carbon emissions of a building, as well as recommendations for improvement
When are EPCs required?
Since January 2009, all sellers and landlords are required by law to provide an EPC for all buildings when they are sold or rented
Who produces EPCs
Accredited energy assessors
What does part three of the Energy Efficiency (privately rented) Regulations 2015 stipulate?
From April 2018, it is unlawful for commercial and residential landlords to grant new leases or renew existing leases where the EPC rating is F or G
Are there any exceptions to the MEES?
Properties that are exempt from EPCs such as listed buildings, or where there is an EPC and the recommendations to get the rating higher than F would affect its listing.
Properties with a lease term of less than six months or greater than 99 years
Where cost improvement plans with a 7 year payback period have already been implemented
Where planning gets in the way (i.e. third party intervention)
If the property would be devlaued by more than 5%
How long do exemptions last for ?
five years
What are the penalties for renting out a non-compliant property?
Where a breach has lasted less than 3 months 10% of rateable value with a minimum of £5000 and maximum of £50000
Where a breach has lasted longer than 3 months it is 20% of RV with a minimum £10,000 and maximum £150,000
