Would you buy…?

Froghat · 2023-08-09T20:57:02+00:00

… a Victorian semi with an EPC rating of E and it’s really not clear how it would ever get to a C given that it has solid walls which makes wall insulation challenging if not impossible. I’m really worried that I will buy this house and then I won’t in the future be able to get a mortgage because of the minimum energy efficiency measures which are likely to become law. Should I get an EPC assessor out to survey the property before exchanging contracts? Are there EPC assessors who specialise in old buildings?

Original poster

Froghat · 09/08/2023 21:57

The current EPC says the property has the potential of a D. :-(

OP posts:

KievLoverTwo · 09/08/2023 23:00

Could you message me a link to the property and the EPC? Or post it here if you feel comfortable. I just wrote a long message and my stupid phone deleted it. I am somewhat experienced at seeing past EPCs.

monpetitlapin · 09/08/2023 23:04

I don't see how they can genuinely ban sales of houses with an EPC below a C. What are they going to do? Knock them all down? What about all the listed buildings? And surely mass demolition of perfectly good buildings is a bigger drain on the environment! Cement isn't carbon neutral and where will the bricks/other materials come from to replace all these older buildings?
I really do think this is one of those policies that sounds good as a soundbite but can't realistically be enforced.

YukoandHiro · 09/08/2023 23:07

monpetitlapin · 09/08/2023 23:04

I don't see how they can genuinely ban sales of houses with an EPC below a C. What are they going to do? Knock them all down? What about all the listed buildings? And surely mass demolition of perfectly good buildings is a bigger drain on the environment! Cement isn't carbon neutral and where will the bricks/other materials come from to replace all these older buildings?
I really do think this is one of those policies that sounds good as a soundbite but can't realistically be enforced.

They won't ban sales, but values will drop of mortgages aren't available against them.

We had a v good MIP recently but when it came to actually making offers it transpired that sum was only available to us for borrowing against a band c or above property.

Original poster

Froghat · 10/08/2023 10:41

KievLoverTwo · 09/08/2023 23:00

Could you message me a link to the property and the EPC? Or post it here if you feel comfortable. I just wrote a long message and my stupid phone deleted it. I am somewhat experienced at seeing past EPCs.

I have sent you the link. Sorry you lost your message! The EPC was done in 2014 so it's quite old - I don't know if that makes a difference.

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Original poster

Froghat · 10/08/2023 10:44

monpetitlapin · 09/08/2023 23:04

I don't see how they can genuinely ban sales of houses with an EPC below a C. What are they going to do? Knock them all down? What about all the listed buildings? And surely mass demolition of perfectly good buildings is a bigger drain on the environment! Cement isn't carbon neutral and where will the bricks/other materials come from to replace all these older buildings?
I really do think this is one of those policies that sounds good as a soundbite but can't realistically be enforced.

This is not about banning sales of houses with poor energy efficiency. It is about being able to get a mortgage on an old house which is impossible to get up to a C rating becoming more difficult and more expensive from 2030, and then potentially impossible from 2035.

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KievLoverTwo · 10/08/2023 12:29

I sent you my thoughts on PM re: the house in question.

I don't think mortgages on properties with an EPC lower than C will be banned. We'd probably lose more than 40% of our housing stock with some simply unable to achieve that.

I think lenders will get savvy at having few mortgage customers through the door and they'll simply charge higher rates for purchases on less efficient properties.

They ALWAYS find a way to continue to make money. Always.

So I wouldn't go into this thinking 'I won't/my buyer won't be able to get a mortgage', more 'what tricks, schemes and exemptions are lenders and the government likely to come up with in the next 12 years to weedle their way out of paying lip service to environmental responsibility.'

Original poster

Froghat · 10/08/2023 12:40

Yes I take your point. I agree that it's unlikely that these energy inefficient properties will become unmortgageable - as you say, where there is money to be made the lenders will find a way through. The mortgages on these properties will just become more expensive. I guess that though is enough to scare me.

I so desperately want to buy this old house but I feel that the anxiety it would bring may not be worth it. When I first saw the ad I had a sharp intake of breath because it was just the kind of place I'd love to live in but it feels like the dream is fading.

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