With the new £1 coin now in circulation comes change.
This may be something that you as a landlord have not yet thought about but if you have coin sub-meters for your gas or electricity meters then now is the time to consider changing these!
On the 15th October 2017, the old pound coin will no longer be a valid form of tender BUT you have to know that you cannot modify the meters and will, therefore, have to think about completely changing the unit to a MID approved meter.
Don't get caught out!
The MID approved meter is only a few years old and therefore anything dating before this is likely to be illegal if modified. The fine for non-compliance is a whopping £5,000.
The GOV UK website outlines that "The Measuring Instruments Directive (MID) is a European directive (2004/22/EC) that harmonises the requirements of 10 different measuring instrument types, including gas and active electrical energy meters. MID approved instruments will have passed specific conformity assessment procedures and have MID markings which allow the instruments to be used in any EU member state. The aim of the directive is to create a single market in measuring instruments for the benefit of manufacturers and, ultimately, consumers across Europe".
Just don't chance it
If you believe that you can modify and get away with it then think again, if a complaint was to be raised then both the landlord and the managing agent could be fined.
if you need further guidance then you can find out more here: www.gov.uk/guidance/mid-approved-gas-and-electricity-meters.
To discuss my services further, or to arrange a meeting, feel free to contact me by phone on 0208 5757630 or email firstname.lastname@example.org and let's see how I can help you and your portfolio today.