If you re buying a house with solar panels you could find yourself with a problem.
Buying a house with existing solar panels uk.
Solar panels can be bought outright but they are expensive.
This is generally a fairly easy process.
Well over 500 000 properties in the uk now have solar panels installed on their roofs this equates to approximately 2 of the 28 000 000 homes here in the uk.
Rent a roof schemes.
To find out about the new scheme designed to replace it click here.
Homebuyers need to qualify with the solar panel lease company in order to assume the lease.
However having a solar battery means all of that spare energy can be stored so that it s ready to use when the solar panels aren t generating energy like in the evenings.
The solar company installs solar panels on a home for little or no upfront cost and the homeowner signs an agreement with the solar company to purchase electricity at some rate that should be lower than the utility rate.
Others choose to lease their systems to help save on installation costs and this is where the most common mortgage problems occur.
Without a solar battery this excess energy will be sent to the national grid.
Should you move into the house with panels but no solar battery then they re well.
In the uk there are subsidies and schemes such as rent a roof available yet many people still opt to fund the purchase of solar panels with a loan.
The company will then install the solar panels on the roof but the panels themselves will remain the property of the company.
The feed in tariff is now closed for new applications.
The presence of the solar panels could have an adverse impact on a mortgage lenders security therefore when installing the panels the home owner should have obtained their lenders consent.
Buying a house with solar panels update.
The buyers must inform the mortgage lender that there is a solar lease in place.
While solar panels have numerous advantages for existing homeowners they can cause a headache for homebuyers.
4th january 2019 general pmproperty.
In 2010 the uk government introduced the feed in tariff fit which was in hindsight so generous that many companies offered to fit solar panels for free.
When purchasing a property with the assistance of a mortgage and where there are already panels installed there are certain requirements issued by the council of mortgage lenders that the lease must comply with.
Solar panels are usually fixed to the most southerly facing pitched roof on a house.
To discuss listing your property or to get further advice on buying or selling a house with solar panels call us on wokingham 0118 977 6776 or crowthorne 01344 779 999.
This is the most complicated situation and requires the prospective homebuyer to be careful.
It s rare but leased solar panels sometimes impact the lender s ability to lend on the property.
