Selling A House With Solar Panels
Solar panels are great. They save you a heap of money and are good for the environment, helping to reduce reliance on fossil fuels but when selling you need to understand if you own the panels or does a third party lease the roof for the panels? If your roof space is being leased by a solar firm then you may find that a potential buyer may have some issues to get a mortgage.
Homeowners signing a lease (typically for 25 years) will have strict criteria, such as the unconditional right to break the terms of the lease in the event of repossession in order to facilitate a quick sale. When selling the seller must also pay up the outstanding amount left on the lease. This will add another layer of legal complexity to the sale and is enough to put some lenders off. And the buyer is required to take over the lease following completion.
This brings different legal issues and extra cost as the lender will need to satisfy themselves that the lease is in line with their lending policy. Presuming they don’t take the solar panels with them, you simply become the owner of said panels when you complete your purchase.
For those who own the panels lenders will need proof of MCS certification when installed before approving a mortgage to check that the installation complied with guidelines (and building regulations) if applicable.
Hope that helps
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To learn more email dennis@mauinvestments.co.uk or call 01332981666