Solar Panels - Selling The House

ptrichardson

Thrugelmir wrote: »

Then I would assume that the profit on "This is a once in a lifetime opportunity" far outweighs any loss on your current investment. After 5 years you still wouldn't have recouped the initial outlay on the panels.

Yes, but lets ignore everything to do with the other project.


Anyone know anything about dealing with FiT payments?

ptrichardson

G_M wrote: »

So in what way is it unique?

You're being deliberately ignorant now. :mad:


This is MSE, the place where people maximise their finances. Not just throw potential money away because there is a "shiny thing over there".

theartfullodger

Since we the taxpayers are subsidising these ugly, hideous & uneconomic carbuncles, anything that gets them removed and saves us money is good news in my book.

Cheers!!

ptrichardson

theartfullodger wrote: »

Since we the taxpayers are subsidising these ugly, hideous & uneconomic carbuncles, anything that gets them removed and saves us money is good news in my book.

Cheers!!

They won't go anywhere. They'll be there the whole time, whether I continue to benefit from them, or someone else does.

Again, if you're not helping, please don't post TIA

anselld

I think you will find most of the Solar/ FIT experts on the "Green and Ethical" board.

Bear in mind there may be a difference between what is legally achievable and what is actually attractive to a potential buyer.

ptrichardson

anselld wrote: »

I think you will find most of the Solar/ FIT experts on the "Green and Ethical" board.

Bear in mind there may be a difference between what is legally achievable and what is actually attractive to a potential buyer.

Many Thanks

Alwilb

As you'll know, when thinking about the installation you either a) pay for them yourself and get the benefit of the FiT or b) have a company install them at their cost in which case the company takes the FiT and the house owner gets the benefit of the free electricity.

I'm a solicitor and I've drafted agreements for a company that both sold the panels or installed them and retained the FiT.

Now I can't say for sure as I've never come across it in practice but I would think the FiT is registered to you personally and regardless of where you live, that regular stream of income is going to come to your nominated bank account. Your issue is therefore ensuring that you have the ability to require the new buyer to a) keep them on and b) allow you access to maintain them etc.

A contractual arrangement can do all of that but both you and the proposed house buyer will need to be comfortable with this. I don't do property law but I would think you'd have your main agreement for the sale of your house and then a side agreement for the sale of your solar panels. Chances are you're going to have to do like the companies do and give them away and in return you get an obligation to keep them on and your rights of access/inspection/maintenance etc. If they breach their obligations they owe you the grossed up sum of the FiT.

Where it gets difficult is that your contract giving you the maintenance rights is going to be personal between you and the buyer - it wouldn't automatically transfer to any third party who buys the house from the person you're selling to. To do this, you'd need to have the buyer agree to register a restriction on the title of the property which allows you to prevent any disposal unless the new buyer signs up to a similar arrangement. That's what I did for my client. It's a slightly different situation as they're an established company and home owners are approaching them because they want solar panels for free. Your buyer may not want solar panels for free or otherwise and so getting them to sign up to something like that is going to be difficult.

Estimated legal costs of advising you in detail on something like this and drafting the agreement - £500/£750 plus VAT I'd be quoting. Your main issue is however finding a buyer who's happy to sign up to that and that I can't help you with sorry.

If you use a small high street solicitor they might have no idea on matters such as this so use a commercial firm.

That would allow you to keep your FiT for 25 years though but you're going to find it difficult to have someone agree to it I think.

tunnel

http://forums.moneysavingexpert.com/forumdisplay.php?f=100

Try on here

be carefull if you let out the property,don't change the meters to PAYG(prepay) as there's a conflict with panels and the meters.

G_M

ptrichardson wrote: »

You're being deliberately ignorant now. :mad:

"Ignorant".

1) "lacking knowledge" - in what way?
2) "rude" - errr...?

Is it a redevelopment or a self-build?

ptrichardson

G_M wrote: »

"Ignorant".

1) "lacking knowledge" - in what way?
2) "rude" - errr...?

Is it a redevelopment or a self-build?

Why are you still asking a project that has absolutely nothing to do with my question?

The other project has nothing whatsoever to do with the Solar Panels on the house that I currently live in.

Please stay on topic.


I've asked you to do this 3 times now.