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Green Deal Is A Joke

Green Deal Is A Joke

Bad Business Practices, Long Term Debts, Unqualified assessors – Green Deal getting bad press

The Government heralded the launch of the “Green Deal” in January this year as a groundbreaking flagship initiative that would help struggling families cut energy bills, however, it appears that the general public are 99.9% against the idea.

The intention of the Government was to encourage millions of UK home owners to take out “Green Deal” loans in order to pay for money saving improvements to properties, such as; loft insulation, double glazing, boilers and other energy efficient measures with the aim of cutting a typical family’s energy costs by as much as £50 a month.

The loan would be repaid over an agreed timescale of up to 25 years, but the debt is attached to the property rather than the current owner, which means the debt could be passed on to any new buyer. As a result, property vendors could face demands from prospective buyers to clear any outstanding debt, which could also see them facing a charge or early repayment penalty of up to £6,000 (GBP).

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Landlords need to be aware of the energy efficiency of their rental properties

Landlords need to be aware of the energy efficiency of their rental properties

UK PRS landlords are being urged to check the energy efficiency of their rental properties that they want to let out before tenants commit to rent them, as it could save their tenants a substantial amount of money in the long term.

Landlords have stated that their tenants are becoming increasingly concerned with the extortionate cost of utility charges and many tenants have even used the information displayed on EPC’s to make the decision to go ahead with the let of more energy efficient rental properties.

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Its Not Too Late To Get FREE Property Insulation

Its Not Too Late For Landlords and Tenants To Get FREE Property Insulation

The UK Government’s Green Deal is set for launch in October 2012, replacing current schemes for property insulation, with new funding aiming to provide energy efficiency works for those on a very low income and additionally for premises where the cost of improving the energy efficiency will be cost prohibitive.

The new funding criteria means the end of the current subsidies for cavity wall and loft insulation, which have been available for years.

There are some incredible offers for property insulation as the energy companies become more desperate to meet the targets set by the government before the end of this year, although the allowances are not going to be as generous as they are now.

Most energy suppliers provide free property insulation, whilst some are even giving cash bonuses of up to £100 (GBP), or a finder’s fee of up to £50 (GBP), along with the free insulation.

The offers are only available for owner occupiers, tenants and landlords in the UK.

If properties don’t have adequate loft or cavity wall insulation, property owners, landlords and PRS tenants should act now before the offers come to an end.

Contact the Energy Saving Trust on 0300 123 1234

UK landlords are urged to get properties insulated now whilst it’s free, and avoid the forthcoming paperwork which will be associated with Green Deal funding, before the enforcement of energy efficiency standards are introduced.

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UK PRS Landlords Are Still Worried About EPC Compliance

UK PRS Landlords Still Worried About EPC Compliance

More than 17% (1 in 6) of UK PRS landlords reckon that some or all of the properties in their rental portfolio’s fall into the lowest Energy Performance Certificate categories, with an F or G rating, meaning that they could end up being banned from the rental market.

From 2018 under the Government’s Green Deal proposals, properties with F and G EPC ratings will not be allowed to be let.

The latest poll of 1,500 landlords by the Association of Residential Letting Agents, (ARLA) also discovered that over 35% of landlords do not even know the energy rating of their properties with regard to EPCs.

ARLA have called for the Government to help landlords to achieve minimum energy efficiency standards, asking for the Landlords Energy Savings Allowance to be extended.

The call has been echoed by Alan Ward, Chairman of the Residential Landlords Association (RLA), who called for the annual energy savings tax allowance to be raised from £1,500 to £14,000.

The allowance is due to be scrapped altogether in April 2015

ARLA Operations Manager Ian Potter, said: “The clock is ticking for the private rented sector to improve its environmental performance but the investment just isn’t there to ensure that this change takes place in the Government’s timeframe. ARLA have campaigned for the Government to incentivise, through tax relief, the improvement of rental properties. Otherwise it is going to be exceedingly difficult for the majority of landlords to find the funds to improve stock.”

While the Green Deal will offer landlords upfront access to funds, it is tenants, as users of the properties, who will have to repay the loan.

Landlords who comprehensively tenant reference applicants can ensure regular income with Rent Guarantee Insurance, easing the financial burden and worry for tenants as loans are repaid.

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The UK government have submitted new proposals that recommend Buy To Let landlords and home owners who apply for permission to make repairs and improvements to their properties are encouraged to make additional improvements at the same time as other ongoing works in a bid to make properties greener.

However the proposals fail to fully account for where the UK PRS landlords are expected to find the money for such extra improvements or even if such improvements will prove to be beneficial to tenants.

Conservative MP Tim Yeo said “The new proposals will effectively force landlords to complete non-essential improvements aimed at improving energy efficiency at the same time as they make minor repairs or improvements to their rental properties. If they refuse they could be denied permission to make essential repairs by their local council.”

It is also widely thought that the UK coalition government want to introduce a scheme that means all property repairs, such as the installation of a new boiler or central heating system, are logged with the council.
The council will then ‘recommend’ additional improvements, such as new double glazing or loft insulation that will also need to be carried out in order to get permission for the boiler installation.

The proposed costs of the ‘recommended’ improvements could be offset using the new government Green Deal scheme due to be launched in October 2012.

Mr Yeo commented on the proposals saying; “You’ve got to find ways of making the public more enthusiastic about energy efficiency and I think compelling people who have applied for planning consent to make some alteration to their home isn’t necessarily going to help.”

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The new coalition Governments coveted Green Deal, an attempt to insulate British homes and reduce energy usage and costs has made it into the statute books as the Energy Act 2011 and is now law, the Green deal is set to be introduce in late 2012…

What does this mean for the UK buy to let property rental market?

From the Autumn of 2012 landlords and tenants will be able to benefit from the new Green Deals Scheme for home improvements and energy efficiency with approved Green Deal providers offering upfront finance to businesses…

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