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Seen great house but has leased solar panels

DKLS
DKLS Posts: 13,461 Forumite
Part of the Furniture 10,000 Posts Combo Breaker
in House buying, renting & selling
I have seen a cracking house, but the current owners signed a 25yr lease with a solar company in exchange for free leccy.
The vendors have advised its a simple process to transfer the lease.

But as the house is in Yorkshire and the look of the house is ruined by the panels I don't want them

Any suggestions I guess my options are:
Do I run and find something else
Buy and rip out the panels as the contract isnt with me
Or offer a lower price in order to buy myself out of the contract
«13

Comments

  • Itismehonest
    Itismehonest Posts: 4,352 Forumite
    If you're buying with a mortgage it will be down to the lender. I'm told that many lenders don't like leased panels & won't lend on a property with them.
    They can also, apparently, make it harder to find insurance cover.
    If I were you I'd do some homework with lenders & insurers before committing yourself.
  • kj*daisy
    kj*daisy Posts: 490 Forumite
    The vendors will have a contract that they have to transfer the lease I think, not sure you could buy and rip them off once the lease is transferred to you without a big penalty. You need proper advice on this and your options.
    Grocery challenge July £250

    45 asd*/
  • DVardysShadow
    DVardysShadow Posts: 18,949 Forumite
    DKLS wrote: »
    Any suggestions I guess my options are:
    Do I run and find something else
    Buy and rip out the panels as the contract isnt with me
    Or offer a lower price in order to buy myself out of the contract
    That looks like your only realistic choice. The solar panel company will probably have things tied up so that your sellers will not feel able to sell to you except on terms that require you to accept the panel lease.

    In your position, I would be affirming my offer for the property subject to them selling free of the solar panel encumbrance, so that i was not guessing how much I would have to drop the offer.
    Hi, we’ve had to remove your signature. If you’re not sure why please read the forum rules or email the forum team if you’re still unsure - MSE ForumTeam
  • tbs624
    tbs624 Posts: 10,816 Forumite
    as post 2 says - see http://www.guardian.co.uk/money/2012/mar/23/solar-panels-dim-mortgage-prospects
  • tbs624
    tbs624 Posts: 10,816 Forumite
    DKLS wrote: »
    I

    But as the house is in Yorkshire and the look of the house is ruined by the panels I don't want them
    Ey up, Yorkshire does get the sun .........;)
  • tbs624
    tbs624 Posts: 10,816 Forumite
    DVardysShadow wrote: »
    That looks like your only realistic choice. The solar panel company will probably have things tied up so that your sellers will not feel able to sell to you except on terms that require you to accept the panel lease.

    In your position, I would be affirming my offer for the property subject to them selling free of the solar panel encumbrance, so that i was not guessing how much I would have to drop the offer.
    Thing is that the OP/buyer will probably be up against others who have sorted their mortgage and are happy to keep the panels......
  • DVardysShadow
    DVardysShadow Posts: 18,949 Forumite
    tbs624 wrote: »
    Thing is that the OP/buyer will probably be up against others who have sorted their mortgage and are happy to keep the panels......
    OP should be offering what the house is worth without the panels - and leave removing them to vendors. If vendors don't think this is a good deal, this house is not for OP.
    Hi, we’ve had to remove your signature. If you’re not sure why please read the forum rules or email the forum team if you’re still unsure - MSE ForumTeam
  • Strapped
    Strapped Posts: 8,158 Forumite
    tbs624 wrote: »
    as post 2 says - see http://www.guardian.co.uk/money/2012/mar/23/solar-panels-dim-mortgage-prospects

    I don't remember this sire warning about this pitfall?
    They deem him their worst enemy who tells them the truth. -- Plato
  • abaxas
    abaxas Posts: 4,141 Forumite
    Walk away or buy the house at a price that would make you happy to keep them.

    Everything has a price. Just the vendor might be surprised at how low it is.
  • DKLS
    DKLS Posts: 13,461 Forumite
    Part of the Furniture 10,000 Posts Combo Breaker
    tbs624 wrote: »
    Ey up, Yorkshire does get the sun .........;)

    That's a vicious rumour peddled by the Yorkshire tourist board :D

    Just researching costs now to buy out contract and scrap the panels.
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