Buying A House With Existing Solar Panels Uk

It s rare but leased solar panels sometimes impact the lender s ability to lend on the property.

Buying a house with existing solar panels uk.

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. However just because the panels are fixed to the property s roof it doesn t necessarily mean that they belong to the property owner. Solar panels can be bought outright but they are expensive. 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. This is the most complicated situation and requires the prospective homebuyer to be careful. 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. 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. 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. So many homeowners choose instead to lease out their roof space to solar panel companies. This is generally a fairly easy process.

Rent a roof schemes. 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. 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. 4th january 2019 general pmproperty.

Should you move into the house with panels but no solar battery then they re well. Without a solar battery this excess energy will be sent to the national grid. Others choose to lease their systems to help save on installation costs and this is where the most common mortgage problems occur. The feed in tariff is now closed for new applications.

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. 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. 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. If you re buying a house with solar panels you could find yourself with a problem.

Solar panels are usually fixed to the most southerly facing pitched roof on a house.