Selling Property With Green Deal
If you took out a Green Deal loan to make energy efficiency upgrades at your home, there are some potential issues to consider when selling your property.
Your top questions when selling a Green Deal property
✅ What is a Green Deal leasehold or freehold property?
The Green Deal was an initiative launched by the UK government in 2013 that provided reduced-cost loans to help homeowners pay for energy efficiency upgrades at their leasehold or freehold properties, such as houses or flats. The program was closed down in 2015 and replaced by the Green Deal Finance Company that still provides such loans.
✅ Can I sell a home that has an active Green Deal loan?
Yes, there are zero legal restrictions on attempting to find a buyer for your freehold or leasehold property even if it has an outstanding Green Dean loan. You have a number of options for deciding which method you would like to use for trying to find a buyer for your property, and also several choices on whether to try paying the loan off or not before attempting to sell.
✅ Should I tell potential buyers about a Green Deal loan at my house or flat?
You are required to inform serious buyers about the existence of a Green Deal loan at your property, as well as give them details on the energy efficiency upgrade that the loan funded. This information is required on a TA6 form, also known as a Property Information Form, where you are required by law to provide honest answers to many questions about your home.
✅ What are the possible hurdles with selling a Green Deal property?
Some homeowners are worried that the fact they have an outstanding Green Deal loan at their freehold or leasehold house or flat means they are not allowed to sell it, but that’s not the case. But you may separately find that some buyers will lose interest in your property because of the loan, as they might be worried about taking over the loan as the home’s next owner.
✅ How quickly could I sell my house or flat with a Green Deal loan?
It depends on the method that you use for trying to find a buyer, because it could take more than a year to sell when doing so without any help or when selling via an estate agent, and an auction could take at least many months. But if you sell to a quick buyer like LDN Properties then the timeline should only be a few weeks, and that includes exchanging contracts.
✅ How much will I pay in fees to sell my Green Deal home?
If you decide to sell your home using an estate agent or an auction, then you will have to pay fees which will be subtracted straight away from the eventual sale proceeds. If you instead sell your home without any third party assistance or you sell it to a no-fee quick property buyer, then you will be able to reduce your expenses because you will not pay any commission.
✅ What safeguards are there when selling a Green Deal property to a quick buyer?
The Property Ombudsman (TPO) is an independent entity that writes rules to guard homeowners against scams in the quick buying industry, and all true TPO members, like LDN Properties must follow those regulations, which should give you extra peace of mind when selling. Never sell your home to a non-TPO member because it could be a scam.
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