Although there is not much movement in the housing market these days, as more and more people have solar panels installed, this will result in an increasing number of properties coming up for sale that have solar panels located on their roofs. This raises yet another thing that will need looking into by the buyers’ and sellers’ respective solicitors apart from the usual checking of title deeds, boundaries etc.
If you wish to buy a house that has solar panels on its roof what should you look out for?
(image credit: SandTDesign)
So, if you identify a property for sale that has had solar panels fitted that you decide you would like to buy what should you consider as far as the solar panels are concerned? Well, there are a few matters that need investigating.
For instance, the first question to ask the seller is whether they intend to leave the solar panels in place or take them with them. This is comparable with asking someone if they are going to take their fitted wardrobes with them or not. If the seller has decided to remove them, then you need to make sure what arrangements are being made for their removal and that there is no damage resulting due to their removal. If there is, you need to ensure that something is in writing that requires the vendor to put right any damage.
If the owner of the property is going to leave the solar panels on the roof of the property that you are buying then you need to know if they own them or if they have been installed under the terms of a lease. Having said that, even if they are in the name of the owner of the property you should check if they have been obtained under the terms of the government’s Green Deal scheme or if they are subject to some form of finance arrangement.
Should the likes of a provider of solar panels have leased the roof space on the property you wish to buy your solicitor should review the lease’s terms. For instance, who receives the payments under the feed in tariff scheme?
You should establish if there are any guarantees in place in respect of the solar panels that can be passed on to you. If there is a finance arrangement in place on the solar panels who will be responsible for this?
You will want to know the statistic in relation to the solar panels such as cost savings, feed in tariff figures and the impact on your electricity bills if the Green Deal is involved. Another major factor is that, if you require a mortgage, you should inform the mortgage lender of the existence of the solar panels as they will need to be satisfied about them.
Hopefully, the above points will prove of benefit.
