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Green Deal Scheme - what would you do ?
lisssa
Posts: 197 Forumite
Hi
Just received all the property information forms relating to the house we are hoping to buy and the conveyancer has also sent us a list of the enquiries she has raised .
One of the questions relate to the cavity wall insulation our sellers had installed under the 'green deal' scheme in 2012 , she has asked them to confirm that they will be paying off this 'loan' prior to completion and are willing to provide proof of payment prior to completion .
Having researched the scheme I'm aware the other option avalaible is for the loan to stay with the house and as such we become responsible for the 'loan'. I'm also aware that in theory the amount of payments should only equate to the amount of money you are saving in heating bills by having the Cavity wall insuLation installed .
My initial view is this is a potential deal breaker for us , we paid asking price for the property and I do not want to take on any sort of loan in addition to this ( no matter how much we like the house). Whilst I'm assuming it won't cost us anything more on a monthly basis , there is the risk that if we were to ever sell this house in the future , then any prospective buyer could be put off like us and potentially ask us to clear the loan at which point we would be out of pocket .
I know this might not be an issue and the seller could come back and say ok we will clear the debt howoever if they don't I guess the questions are is 'what would you do' and 'do you think we are over reacting should we decide to pull out ??
Thanks in advance
Just received all the property information forms relating to the house we are hoping to buy and the conveyancer has also sent us a list of the enquiries she has raised .
One of the questions relate to the cavity wall insulation our sellers had installed under the 'green deal' scheme in 2012 , she has asked them to confirm that they will be paying off this 'loan' prior to completion and are willing to provide proof of payment prior to completion .
Having researched the scheme I'm aware the other option avalaible is for the loan to stay with the house and as such we become responsible for the 'loan'. I'm also aware that in theory the amount of payments should only equate to the amount of money you are saving in heating bills by having the Cavity wall insuLation installed .
My initial view is this is a potential deal breaker for us , we paid asking price for the property and I do not want to take on any sort of loan in addition to this ( no matter how much we like the house). Whilst I'm assuming it won't cost us anything more on a monthly basis , there is the risk that if we were to ever sell this house in the future , then any prospective buyer could be put off like us and potentially ask us to clear the loan at which point we would be out of pocket .
I know this might not be an issue and the seller could come back and say ok we will clear the debt howoever if they don't I guess the questions are is 'what would you do' and 'do you think we are over reacting should we decide to pull out ??
Thanks in advance
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