Our Senior Partner, Jim Lee (pictured) reports on a new initiative to help house owners:-

The Green Deal enables consumers to get energy efficient improvements to their home, such as a new boiler or cavity wall insulation, without any upfront costs. The Government and the financial backers of the Scheme, suggest that the repayment terms will be such that the costs will be offset by reductions in energy bills for the property. 

However, consumers need to be careful to read all of the terms and study the costs involved as it could be that alternative sources of finance would be cheaper. If you sell your property and it is subject to a Green Deal, this must be disclosed to the buyer and failure to do so will render the home owner liable to pay compensation. 

Buyers will need to decide whether they are willing to take on the Green Deal or not. If not, the home owner may have to pay off the loan and incur an early settlement fee. From the buyer’s point of view, their energy use will be different, so a reassessment of the value of the deal to the buyer will have to be done, which may cause delays in the selling process. As solicitors, we can advise you on these matters.

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