Existing solar panels.House purchase?

jackieblack

grifferz wrote: »

Did he happen to note what his mortgage lender and insurance provider said about putting them on his roof?

But it's hardly 'new technology' :cool:

DRP

jackieblack wrote: »

But it's hardly 'new technology' :cool:

I would say the technology (and not to mention the financial model) of fitting rooftop solar panels on existing roofs is pretty darn new.

Not sure what your mate Edmund has got to do with it!

welshwizard1927

I just had to pull out of a house purchase that involved lease solar panels. We loved the house but quite simply it's a huge gamble, and one which our lender was not willing to go along with. Knowing what we know now, we wouldn't have put an offer in - there are too many if's and but's.

MarkBargain

It seems such a shame that house sales are falling through as a result of solar panels, which should be a good investment. I certainly wouldn't enter a 25 year contract or 'rent my roof' but I would look at buying them myself if the return was higher than my mortgage interest. I suppose that will become more likely as energy bills continue to rise and, I presume, solar technology continues to improve.

welshwizard1927

MarkBargain wrote: »

It seems such a shame that house sales are falling through as a result of solar panels, which should be a good investment. I certainly wouldn't enter a 25 year contract or 'rent my roof' but I would look at buying them myself if the return was higher than my mortgage interest. I suppose that will become more likely as energy bills continue to rise and, I presume, solar technology continues to improve.

I'm not so sure. The governments FIT tariff continues to fall.

sheffield_lad

welshwizard1927 wrote: »

I just had to pull out of a house purchase that involved lease solar panels. We loved the house but quite simply it's a huge gamble, and one which our lender was not willing to go along with. Knowing what we know now, we wouldn't have put an offer in - there are too many if's and but's.

Hi there you mind me asking what complications? I am having a decent conversation in another thread and have not heard of any major bs/bank or surveying firm having any issue whatsoever with solar panels.

Has the Surveyor said something or your mortgage lender?

sheffield_lad

welshwizard1927 wrote: »

I'm not so sure. The governments FIT tariff continues to fall.

Fit needed to fall as solar panels have also fell.

Current quote for a 4kw system inc EPC, scaffolding all in is £just under £5k. 2yrs ago that system would have been over £11k

welshwizard1927

sheffield_lad wrote: »

Hi there you mind me asking what complications? I am having a decent conversation in another thread and have not heard of any major bs/bank or surveying firm having any issue whatsoever with solar panels.

Has the Surveyor said something or your mortgage lender?

Our lender declined our application solely on the basis that the company owning the panels was not accredited. Obviously this will differ between lender, but I would recommend that you approach your lender at the earliest opportunity and explain the position. Only then will you know whether they are likely to approve your application.

In addition, get some quotes for insurance. Admiral (arguably a huge insurance company) confirmed they would not cover a property with leased solar panels. My fear is that this is the way things are going: not only should you be considering the here and now, but also what will happen when you need to remortgage/sell the property/obtain further insurance.

Quite simply there are huge risks and the risks are only mitigated by the owner of the panels behaving reasonably. Without accreditation, in my view, there is absolutely no guarantee of this and nothing to distinguish them from the next cowboy. Avoid!!

tunnel

sheffield_lad wrote: »

Fit needed to fall as solar panels have also fell.

Current quote for a 4kw system inc EPC, scaffolding all in is £just under £5k. 2yrs ago that system would have been over £11k

Actually the FIT fell first thus bringing down the cost of the panels.

2yrs ago that 4kWp system would have paid 3 times more in FITs

I would buy a house with panels on if ever I moved again but wouldn't touch rent-a-roof panels with a barge pole.

pops5588

I think quite a lot depends on the company that owns the solar panels that are on the roof. If they are a legit establishment they should have a clause in the contract that protects the mortgage provider incase the house gets repo'd. We are in the process of buying a property with solar panels on the roof and luckily they are owned by such a company. Do your research!!! If it's dodgy, run.

Edit: It does slow things though. It's been 2 and a half months since our offer is accepted and the last few bits outstanding before we can exchange are to do with the panels.