Equity Release – Your Top 10 Questions Answered In our Residential Conveyancing department we are often asked by our clients to give them advice when they are considering Equity Release Schemes. In this Blog, Arlie Asbury, one of our Licensed...
The Green Deal - What actually is it?
I have a large number of clients selling their property who when asked “Have you participated in the Green Deal Scheme”, have absolutely no idea what it is or how it works. Therefore below is a summary of just what it is and how it could benefit you.
- The idea is that the scheme helps you make energy-saving home improvements to your property and you pay for it using the savings from your energy bills.
- Even if you are debt averse, it is aimed so that you can improve your property without any increased outlay.
- You pay back only what you’re predicted to save on bills each month.
- Repayments are between 10 – 25 years.
- The energy company makes the repayments out of your gas/electricity bills so you don’t have any extra inconvenience.
- If you sell your property, the new owner simply takes over the loan.
- It can be used for an exhaustive list of improvements, including cavity wall insulation, double glazing, a new boiler, loft insulation, solar panels, and under floor heating.
- You have to pay around £120.00 for an Assessor to visit your property and make a full assessment as to whether, in an energy sense, its leaking cash! They also check your energy bills and will ask questions about your usage.
- Following your assessment, you choose a Green Deal Provider. You discuss with them what works you want doing and whether the Green Deal is right for you.
- If you proceed, you sign your Green Deal Plan and the Provider will then arrange for the Green Deal Installer to do the work.
In conclusion, making these improvements to your property with minimal expense could not only enhance the home you live in now but could potentially make your home more attractive to future purchasers.